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user74491
New Member

1. $470 earned as poll worker. Do I need to claim and if so where? No W-2 for 2 days of work. 2. Can I claim interest from Home equity Line of credit?

 
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KittyM
Level 2

1. $470 earned as poll worker. Do I need to claim and if so where? No W-2 for 2 days of work. 2. Can I claim interest from Home equity Line of credit?

1) You will report this amount as Other Income.  To do this in TurboTax

  • In your open Federal return, choose the tab for Wages & Income
  • Scroll down to Less Common Income and Show more
  • Start/Revisit Miscellaneous Income and choose Other reportable income 
  • Say Yes to continue to the screen "Other Taxable Income". Enter your item description and the amount.

2) The Tax Cuts and Jobs Act of 2017, has suspended from the deduction for interest paid on home equity loans and lines of credit, unless they are used to buy, build or substantially improve the taxpayer’s home that secures the loan.  If you used your Home Equity Line of Credit for this purpose, then yes, you can claim the interest.


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KittyM
Level 2

1. $470 earned as poll worker. Do I need to claim and if so where? No W-2 for 2 days of work. 2. Can I claim interest from Home equity Line of credit?

1) You will report this amount as Other Income.  To do this in TurboTax

  • In your open Federal return, choose the tab for Wages & Income
  • Scroll down to Less Common Income and Show more
  • Start/Revisit Miscellaneous Income and choose Other reportable income 
  • Say Yes to continue to the screen "Other Taxable Income". Enter your item description and the amount.

2) The Tax Cuts and Jobs Act of 2017, has suspended from the deduction for interest paid on home equity loans and lines of credit, unless they are used to buy, build or substantially improve the taxpayer’s home that secures the loan.  If you used your Home Equity Line of Credit for this purpose, then yes, you can claim the interest.


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