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So the majority of my clients to date have received a rebate from the State of Minnesota in 2023. Minnesota created a nice little 1099 to mail out to everybody that received a payment since it is taxable for 1040 purposes. So I just opened up a package with tax information that a client had mailed to me. She has the 1099 included - which surprisingly, so far about 99.8% of my clients provided if they received the check. But this client must feel I am getting too close to retirement so she had to take out her yellow highlighter to highlight the amount of the payment ---------- just in case they were the only folks to get the payment and maybe I haven't seen one of these yet. Plus as a bonus, they also highlighted the notes on the form that tell you to subtract the payment on Minnesota - line 33 of M1M to be exact. I have broken out in a cold sweat since without her help, I would have never known that the amount was tax free in Minnesota. Do I go back and amend the 200 returns that I have already prepared since I must have not backed if off since I didn't see her note until now. Thank God we have clients that are able to help us keep up with the tax laws so we have a chance of getting these returns done almost correctly.
Slava Ukraini!