Are Form 2350 Intuit 2023-2024

In this video, we will show you how to enter a state tax refund from past years so it displays on the federal 1040 return as income. Our tax online platform offers two methods for entering state tax refund information. The first method is using a single entry override field, and the second method is using a state tax refund worksheet. - Let's start with the override method. We will use a simple individual client as an example. Once inside the platform, we need to find the input area. The fastest way to do this is by entering a description of the input in the "find an input" screen. We enter "tax refund," and then we may need to expand the selections below. Then, we select the first item labeled "tax refund, unemployment comp, and state and local tax refund worksheet." The override fields for both the taxpayer and spouse are included in the first row of the worksheet. It is important to note that entering refunds in the override fields assumes that the entire amount is taxable. With that, we're finished with the override method. - Now, let's go through the tax refund worksheet method. It is important to note that unlike the previous override fields, this worksheet method automatically calculates the taxable amount for you. In this example, we'll use the same sample individual client without the override amounts. We search for the input screen by entering "state refunds" in the search bar. We expand the selections, but this time we click on the second item labeled "tax refund, unemployment compensation, etc., form 1099-G." We scroll until we see the section "state and local refunds" and enter the prior-year state refund amounts in the labeled "income tax refunds, credits, or offsets." We also select the applicable state. - Next, we need...