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E
elpadre
February 7, 2021
Question

Income from 2019 returned in 2020

  • February 7, 2021
  • 1 reply
  • 0 views

I received income (that I paid taxes on) in 2019 that I had to pay back in 2020 - when the events were canceled.  How do I handle this on 2020 return?

    1 reply

    P
    PhylI
    February 11, 2021

    What Account did you debit when you wrote the check (cash credit)? 

    If you have a Sales (Services) Returns and Allowances account, that should have taken the Debit.  Your current year's Sales/Services will be reduced by those amounts and taxable sales for this year will be lower. Should equal out.

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