Hello! The State of Minnesota let everyone who received a tax rebate in 2023 that the federal government will tax it. However, the State of Minnesota will not. I have just received a 1099-MISC for the amount I received through the tax rebate?
Does turbotax allow you to change your federal adjusted gross income when you file your state tax return?
I don't want to get taxed by the State of MN on the tax rebate as well.
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I don't know if the program is set up for it yet, but yes, there will be a way to make it non-taxable on the Minnesota tax return (and the Renter's/Homeowner's Property Tax Refund).
The subtraction on the Minnesota tax return will show up on line 33 of Form M1M.
I don't know if the program is set up for it yet, but yes, there will be a way to make it non-taxable on the Minnesota tax return (and the Renter's/Homeowner's Property Tax Refund).
The subtraction on the Minnesota tax return will show up on line 33 of Form M1M.
I see the spot to add it to TurboTax but it wants a "Tax Year of Refund" and i cannot choose 2023. 2022 or earlier are the only options.
How do I get TurboTax to fix this?
The refund applies to tax year 2022, but the actual money was received in 2023 when you filed your tax return. So, you would enter 2022 for the amount received in 2023.
@soaptrail wrote:I see the spot to add it to TurboTax but it wants a "Tax Year of Refund" and i cannot choose 2023. 2022 or earlier are the only options.
How do I get TurboTax to fix this?
I'm not sure what TurboTax is asking, but this is a "rebate" that is different than a typical state tax "refund".
This "rebate" should should be entered as "other income", not as a prior year tax "refund" (so it shouldn't be asking for ANY year).
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