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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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- Re: NJ does not take negative income or income adjustment?
NJ does not take negative income or income adjustment?
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puravidapto
Level 7
01-31-2023
07:42 AM
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I have a form 1099-K that has (simplified) 1700 total and its summary says:
- Gross payments $1,700
- Refunds -$1,200
I report on Schedule 1:
- Line 8z 1700
- line 24z 1200
No problem for federal. However NJ only takes 1700 not not 1200. Is this correct? Anything I can do? I feel this is extremely unfair, how can I explain this to client? Thanks.
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Click this link to vote. Like many good things in life, we have to fight for them.
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George4Tacks
Level 15
02-01-2023
11:25 AM
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Maybe use Schedule C?
Answers are easy. Questions are hard!
