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Common questions on the Form 1040 Worksheet in ProSeries

by Intuit• Updated 2 months ago

Most data entry for the Form 1040 is completed in other locations, however there are a few items that may need to be entered on the Form 1040 Worksheet. This article will help you with entries on the 1040 SR Wks.

Entering virtual currency or digital assets:

For tax year 2022: At any time during 2022, did you: (a) receive (as a reward, award, or payment for property or services); or (b) sell, exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset) check the Yes box on the Form 1040/1040SR Worksheet.

For tax year 2021: If at any time during the tax year, the taxpayer receives, sells, sends, exchanged, or otherwise acquired any financial interest in any virtual currency, check the Yes box on the Form 1040/1040SR Worksheet.

Entering alimony:

Enter alimony paid or received on Form 1040 as follows:

Follow these instructions to enter alimony received:

Enter alimony received on Form 1040, Schedule 1 - Additional Income and Adjustments, under Additional Income on Line 11. (If the taxpayer's filing status is married filing jointly, enter the alimony payment in the taxpayer and/or spouse fields to the left of line 11.)

Follow these instructions to enter alimony paid:

Enter alimony paid as an adjustment to income on the Form 1040, Alimony Paid Smart Worksheet, above Line 31.
Enter the recipient's name and Social Security number, and the amount of alimony paid.

Information from the Alimony Paid Smart Worksheet flows to Form 1040, Schedule 1, Line 31.

Per IRS Publication 504, amounts paid as alimony under a divorce or separation agreement executed after 2018 won’t be deductible by the payer or includible in the recipient’s income. In this situation, you don’t need to enter alimony paid or received on your client’s return.

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