2937140
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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Follow these steps to post the income reversal. Post the negative entry as follows:
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.
Follow these steps to post the income reversal. Post the negative entry as follows:
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.
Thank you very much! I was able to reverse the taxable income.
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