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Can you clarify the exact block with the auto-fill? Thanks. @JVee
I cannot edit the Mac desktop home/business Schedule 1 form. Specifically, I need to add an entry to the Part II section 24 (z) to make an entry that actually gets calculated. I discovered how to select the empty field, go to Edit and select Override, and make my text entry. When I save the file, I can then move to the dollar amount, repeat the override and enter in a dollar amount. However, the form will not autocalculate to 24z. So I manually select, override, enter in the dollar amount that I would have expected to be calculated from the line-item entry in (z). And when I put in that dollar amount in 24z in the column, nothing is autocalculated in line 25.
Naturally, Schedule 1, Part II, Line 25 will not allow an entry, nor the option to Edit:Override to make the entry. So this form is basically useless. Doesn't matter if I select the forms:1040/1040SR Wks or the individual Schedule 1 form. No completion of task. In EasyStep, where can I find the line items for Sch 1 part II, line 24?
In the interview, the entries for Schedule 1, Line 24z come from the Less Common Income >Miscellaneous Income section, sometimes to offset income reported elsewhere in your return that should be non-taxable. What type of income item are you trying to adjust? If you can give more details, we'll try to help.
Hello Marilyn,
I have a 1099NEC that reported $xxxxx paid to me from an insurance settlement. Additionally, $yyy in restitution interest was paid to me. As the $xxxxx was a capital return, not earnings, I would only be liable for taxes on the $yyy amount.
The 1099NEC I received listed $xxyyy in box 1 - so TurboTax calculates taxes on that total sum. I need to find a way to remove $xxxxx from the taxable total on my return. Schedule 1, Part II line 24z would be one way. If there is a way to do this as Returned Capital from the insurance co within the Schedule C, that would be optimal (assuming I can't get the insurance company to update and submit a better 1099).
To report a 1099-NEC received as a nontaxable insurance settlement (return of capital), you can enter it under Personal Income, Form 1099-NEC. Where TurboTax asks, "What type of income is on your 1099-NEC?" you can choose Lawsuit Settlement. In the alternative, you can enter it in Miscellaneous Income, Other Reportable Income.
Then, if all of the amount is a nontaxable return of capital, go next to Miscellaneous Income, Other Reportable Income, enter an explanation and enter the amount again as a negative number.
TurboTax, including the Mac version, is not allowing most fields to be overridden where they are the result of a calculation.
Lawsuit settlements are typically reported on Form 1099-MISC. See this help article for more information.
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