State Adv on Energy Rebate - Where on 1040?

#2 02-22-2006, 12:12 PM

Thanks guys. Just the info I needed! Saved me a call and a
half to Santa Fe.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

#1 02-21-2006, 08:55 AM

Carla wrote:

- quote -

> New Mexico gave us an advance in December on an energy
> rebate. Apparently this has to be claimed as federal income
> miscellaneous. I just have no idea where to claim it.
> Turbo tax tells me I have to claim it as misc federal
> income, but not what line on the 1040 to put it on.
> Thanks for any suggestions.

The IRS Office of Chief Counsel in a letter dated 11/2/05 to the
NM tax authorities states that the rebate is taxable as
miscellaneous income. Enter it on Form 1040 Line 21 and identify
it as NM Energy Tax Rebate. Be sure to back it out from your NM
PIT-1 via Line 15 on the PIT-ADJ.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

02-21-2006, 08:35 AM

Carla wrote:

- quote -

> New Mexico gave us an advance in December on an energy
> rebate. Apparently this has to be claimed as federal income
> miscellaneous. I just have no idea where to claim it.
> Turbo tax tells me I have to claim it as misc federal
> income, but not what line on the 1040 to put it on.

Try the Other Income line on the first page of the 1040 (21
or 22, I believe).

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

#-1 02-20-2006, 07:59 AM

New Mexico gave us an advance in December on an energy
rebate. Apparently this has to be claimed as federal income
miscellaneous. I just have no idea where to claim it.

Turbo tax tells me I have to claim it as misc federal
income, but not what line on the 1040 to put it on.

Thanks for any suggestions.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

Similar Threads
Thread	Forum	Replies	Last Post
Energy Credit for windows? James Bergmann: Moderator: This submission was found in my "Burn-Before-Read" folder which I now scan because of complaints that submissions are not reaching me. ...	Taxes	6	01-12-2006 03:10 PM
Calif State 2004 TurboTax Bug - Missing a State Adjustment for Earnings from US Govt. Obligations! Don Enderton: The federal 2004 TurboTax, as usual, collects information from my mutual fund dividends on what portion is earnings from U.S. Government...	Taxes	9	02-15-2005 07:06 AM
Energy rebates on property used in rental. Arthur L. Rubin: Are utility rebates on low-energy equipment (washers and dryers) used in residential rental property considered (1) additional income; (2) a...	Taxes	3	10-18-2003 06:34 AM

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode