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How to enter adjustment to income for 1099-G Taxable grant in 2022 TT Deluxe

How can I enter an amount in 1040 Schedule 1, Part II Adjustment to Income line 24z (Other adjustments) ?  Received a 1099-G from USDA for a timber stand improvement cost share. The money was used to pay a forestry consultant for a required Forest Management Plan. Need to adjust Part I additional income, Line 10 by the amount paid to the consultant. The form will not allow editing.

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1 Best answer

Accepted Solutions
JamesG1
Expert Alumni

How to enter adjustment to income for 1099-G Taxable grant in 2022 TT Deluxe

Follow these steps to post the income reversal.  Post the negative entry as follows:

 

  • Down the left side of the screen, click Federal.
  • Down the left side of the screen, click Wages & Income.
  • Click Show more to the right of Less Common Income.
  • To the right of Miscellaneous Income, 1099-A, 1099-C, click the Start / Revisit button.
  • To the right of Other reportable income, click the Start / Revisit button.
  • At the screen Other Taxable Income, enter a description such as “USDA income reversed” and a negative amount. 

 

The entry will be reported:

 

 

Make sure that you keep records of all transactions. Later, you may need to demonstrate to the IRS that this is not taxable income.

 

@JimUSA 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

2 Replies
JamesG1
Expert Alumni

How to enter adjustment to income for 1099-G Taxable grant in 2022 TT Deluxe

Follow these steps to post the income reversal.  Post the negative entry as follows:

 

  • Down the left side of the screen, click Federal.
  • Down the left side of the screen, click Wages & Income.
  • Click Show more to the right of Less Common Income.
  • To the right of Miscellaneous Income, 1099-A, 1099-C, click the Start / Revisit button.
  • To the right of Other reportable income, click the Start / Revisit button.
  • At the screen Other Taxable Income, enter a description such as “USDA income reversed” and a negative amount. 

 

The entry will be reported:

 

 

Make sure that you keep records of all transactions. Later, you may need to demonstrate to the IRS that this is not taxable income.

 

@JimUSA 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

How to enter adjustment to income for 1099-G Taxable grant in 2022 TT Deluxe

Thank you very much! I was able to reverse the taxable income.

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