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- Business received - Non-taxable Grant Revenue - 1040 Schedule C
Business received - Non-taxable Grant Revenue - 1040 Schedule C
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KGL19
Level 2
05-12-2021
09:37 PM
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Business received - Non-taxable Grant Revenue - 1040 Schedule C - How do you enter? Business is in Maryland.
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TaxGuyBill
Level 15
05-12-2021
10:34 PM
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First double check that it is not taxable, because there are not a lot of grants that are not taxable.
If it is not taxable, it does not go on Schedule C or anywhere else on the Federal tax return. If it is not taxable to the state, I wouldn't think it would be entered on the state either.
qbteachmt
Level 15
05-13-2021
11:27 AM
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"Business received" is the place to start. Research the specific grant to find the specific code that excludes that specific grant from Fed tax; then, do the same for State. A lot of people are confused about the CARES grants; these grants flowing to businesses are Fed taxable unless you find the specific exclusion. Or, this is EIDL grant? What was the purpose of the specific grant?
Links:
https://www.irs.gov/newsroom/cares-act-coronavirus-relief-fund-frequently-asked-questions
https://financialadvisors.com/blog/blogdetails/covid-19-related-government-grants-taxable-or-not
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