1099g. Box 6 taxable income

Forum|Forum|4 years ago
September 29, 2021
2 replies
12 views

grant shows on sch 1 1040

Does the amount in box 6 need to be added to sch c or other income?

does it need to show on 540?

when entered on sch c client has huge loss since used grant to repair boat.

Lacerte Tax

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Best answer by IRonMaN

If the related expenses are on schedule C, you probably want the income there too.

IRonMaNAnswer

Level 15

If the related expenses are on schedule C, you probably want the income there too.

Slava Ukraini!

L

lo92677Author

Level 4

Yes

put the income on sch c

qbteachmt

Level 15

You need to identify the specific grant, the granting authority, and the purposes for which the grant was applied for and granted for that use. You seem to indicate this was a grant for a business purpose. For instance, although most Cares Act grants are taxable income for a business for Fed filing, their State might have explicit exclusion for it.

You will find resources, such as:

CA/Fed Grant and Other Relief Taxability

https://support.taxslayerpro.com/hc/en-us/articles/360009309453-Form-1099-G-Certain-Government-Payments

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