I was entering my MCTR as a 1099-MISC for Federal tax & there was a dropdown to indicate the MCTR as a category. In Forms Schedule 1 to 1040B, the amount is fully offset a "General Welfare Exclusion" and is not included in taxable income. I have searched on-line & found it to be taxable & I have not seen where the IRS has made this non-taxable but apparently it has. Is this the correct treatment?
Thanks in advance.
There is very little guidance from the IRS, but the program does make it non-taxed.
The general consensus is that because it is labeled as a "Refund" it is not taxable.
Customers were getting an error when trying to e-file, but this was resolved.
If you are using the Desktop version, please be sure to update the program before filing.
There is very little guidance from the IRS, but the program does make it non-taxed.
The general consensus is that because it is labeled as a "Refund" it is not taxable.
Customers were getting an error when trying to e-file, but this was resolved.
If you are using the Desktop version, please be sure to update the program before filing.