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Robin D.
Robin D., Senior Tax Advisor 4
Category: Financial Software
Satisfied Customers: 15328
Experience:  15years with H & R Block. Divisional leader, Instructor
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How do I record in Quickbooks a crop insurance proceed

Customer Question

How do I record in Quickbooks a crop insurance proceed 1099g, or don't I? Schedule F. I entered it as the net amount which was $21359 but when we received 1099-G it had a credit of $2990, making the total reported to IRS as $24349. Or do I not report the credit in QB
Submitted: 1 year ago.
Category: Financial Software
Expert:  Robin D. replied 1 year ago.


You must include in income any crop insurance proceeds you receive as the result of physical crop damage or reduction of crop revenue, or both. You generally include them in the year you receive them.

The credit amount may not be taxable. You only need to report it if you took a deduction for that in the prior year. Reporting on the credit is determined by why you received it and if the generation of that credit was from a tax benefit in the prior year.

Customer: replied 1 year ago.
My question was on the 1099-G the total proceeds were $24349 and on the back there was printed that a $2990 credit was deducted so the amount directly deposited was $21359, which was posted in QB. So, how do I reflect the $2990 credit in QB so the total shown in QB is the same as the 1099-G that we received.
Expert:  Robin D. replied 1 year ago.

So sorry this was sent to tax instead of software.

I will opt out and see if a expert with Quick books can assist you

Customer: replied 1 year ago.
Oh my apologies. I will repost under correct category.

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