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smskowro
New Member

Casualty Loss of $15,375 which is more than 10% of my adjusted gross income. I believe I need a from 1040 with a schedule A form for this. How do I add this to my return?

Do I have to upgrade my turbo tax service?
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1 Best answer

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DawnC0
Intuit Alumni

Casualty Loss of $15,375 which is more than 10% of my adjusted gross income. I believe I need a from 1040 with a schedule A form for this. How do I add this to my return?

Yes, you have to upgrade to Deluxe in order to itemize deductions on Schedule A and/or report casualty losses on from 4684.  ***See note below as this deduction has been suspended for most situations.  

 

FOR TAX YEARS 2018-2025

The deduction for personal casualty or theft losses has been suspended (eliminated) through tax year 2025, unless the loss occurred in a federally-declared disaster area and was directly caused by the disaster. 

 

FOR TAX YEAR 2017 AND BEFORE

You can deduct uninsured losses exceeding $100 due to fire, theft, or natural disaster if your total loss amounts to more than 10% of your AGI.

 

In TurboTax, jump to the entry area for casualty loss:

 

  1. Open your return. (To do this, sign in to TurboTax and open or continue your return.)
  2. Search for casualty loss and select the Jump to link in the search results.
  3. On the Damaged or stolen screen, select Yes.
  4. Answer the interview questions describing your event.

When you complete the event and reach the Property Summary screen, you can enter any additional property losses by selecting the Add a Property button.

 

[Edited 03/18/20]

 

View solution in original post

2 Replies
DawnC0
Intuit Alumni

Casualty Loss of $15,375 which is more than 10% of my adjusted gross income. I believe I need a from 1040 with a schedule A form for this. How do I add this to my return?

Yes, you have to upgrade to Deluxe in order to itemize deductions on Schedule A and/or report casualty losses on from 4684.  ***See note below as this deduction has been suspended for most situations.  

 

FOR TAX YEARS 2018-2025

The deduction for personal casualty or theft losses has been suspended (eliminated) through tax year 2025, unless the loss occurred in a federally-declared disaster area and was directly caused by the disaster. 

 

FOR TAX YEAR 2017 AND BEFORE

You can deduct uninsured losses exceeding $100 due to fire, theft, or natural disaster if your total loss amounts to more than 10% of your AGI.

 

In TurboTax, jump to the entry area for casualty loss:

 

  1. Open your return. (To do this, sign in to TurboTax and open or continue your return.)
  2. Search for casualty loss and select the Jump to link in the search results.
  3. On the Damaged or stolen screen, select Yes.
  4. Answer the interview questions describing your event.

When you complete the event and reach the Property Summary screen, you can enter any additional property losses by selecting the Add a Property button.

 

[Edited 03/18/20]

 

smskowro
New Member

Casualty Loss of $15,375 which is more than 10% of my adjusted gross income. I believe I need a from 1040 with a schedule A form for this. How do I add this to my return?

You are awesome. Thank you so much!
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