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Report Prior Year Items
Tutorial Home >Software >Finance >TurboTax Deluxe >Reporting Other Income >Report Prior Year Items
Tutorial Home >Software >Office >TurboTax Deluxe >Reporting Other Income >Report Prior Year Items | |
| | TurboTax presents three questions about prior year income. Answer each of these according to the way in which they apply to you: Did you receive reimbursement for expenses deducted in a prior year? Did you recover a bad debt that was deducted in a prior year? Are you carrying forward a net operating loss from a business from prior years? | | | |
| | If you received a reimbursement for expenses you deducted in a prior year, check the appropriate box. This might include medical expenses for which you received an insurance reimbursement, taxes that were refunded, moving expenses for which your employer reimbursed you, insurable losses, or employee expenses that were reimbursed.
Check each box that applies, then click Continue.
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| | Enter the amounts that you received in 1999 that correlate to deductions you took on a tax return for a previous year. If you didn't get the benefit of the deduction (for example, if you tried to deduct medical expenses, but didn't have enough to deduct), then don't enter the reimbursement.
Watch out for the moving expense trap: If you were reimbursed for moving expenses, your employer may have already included the amount in your W-2. Don't enter this amount again, if it's already in your W-2 income.
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| | If you are carrying forward a net operating loss, enter that amount when you are prompted to do so. Usually, a net operating loss is a loss generated by a business, such as a home office business, or a farm. If your tax return loss from a prior year is generated by having more itemized deductions than you had income, this doesn't count as a net operating loss. An exception to this would be unused casualty losses, which are allowed to be carried over to future years. | |
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