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The tax rebate received in late 2023 was based on income on the 2021 tax return. They call it a 2021 tax rebate. The money was received in 2023 and is taxable on the federal return in 2023. However it is titled "2021 tax rebate". This confused me terribly as well. And I am a CPA. I still don't think it is correct that the federal government taxes it, as it is a state tax refund. If one didn't itemize and receive a benefit from the taxes paid, it shouldn't be taxable when refunded. But we have to go with the IRS rules, no matter how crazy they are.
Ive followed each of these steps and I do not get the prompt to state that this did not involve the intent to make money. Instead I get a message stating that the income will be filed under self employed schedule C and get prompted to fill out information about a business that does not exist. Am I missing something? Thanks in advance.
In TurboTax Online, open your return and pick up where you left off. Then look for Federal in the left panel. Click the down arrow and choose Wages & Income.
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