How do I enter MCTR on 1099-Misc? Form keeps stating EIN is incorrect for a YES answer. Thoughts? I read the feds are not going to tax the relief money.
How do I enter MCTR on 1099-Misc? Form keeps stating EIN is incorrect for a YES answer. Thoughts? I read the feds are not going to tax the relief money.
You do not need to enter the 1099-MISC into your tax return. It is not taxable to the federal or state government.
The IRS said it determined it will not challenge the taxability of payments related to general welfare and disaster relief. This means that people in the following states do not need to report these state payments on their 2022 tax return: California, Colorado, Connecticut, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Maine, New Jersey, New Mexico, New York, Oregon, Pennsylvania, and Rhode Island. Alaska is in this group as well, but please see below for more nuanced information.