- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
I don't know what to do with a 1099-G for my parents. They didn't own the farm, but received a crop insurance payment, that should have gone to the LLC.
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
I don't know what to do with a 1099-G for my parents. They didn't own the farm, but received a crop insurance payment, that should have gone to the LLC.
Yes, you should go ahead and claim it.
But, your parents need to account for it on their return to ward off an IRS inquiry.
They should enter the 1099-G. Then enter an offsetting deduction.on line 21 of form 1040, for the same amount. In TurboTax (TT), enter at:
- Federal Taxes tab
- Wages & Income
Scroll down to:
-Less Common Income
-Misc Income, 1099-A, 1099-C
- On the next screen, choose – Other
reportable income - Enter the number with a minus sign (-) in front. call it "nominee recipient adjustment for 1099-G"
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
I don't know what to do with a 1099-G for my parents. They didn't own the farm, but received a crop insurance payment, that should have gone to the LLC.
Yes, you should go ahead and claim it.
But, your parents need to account for it on their return to ward off an IRS inquiry.
They should enter the 1099-G. Then enter an offsetting deduction.on line 21 of form 1040, for the same amount. In TurboTax (TT), enter at:
- Federal Taxes tab
- Wages & Income
Scroll down to:
-Less Common Income
-Misc Income, 1099-A, 1099-C
- On the next screen, choose – Other
reportable income - Enter the number with a minus sign (-) in front. call it "nominee recipient adjustment for 1099-G"