Redeem some lawful money
it's not that hard
You'll feel as powerful
as Captain Picard
OK here's how I do it...
2) Load up the tax software - this example uses TurboTax but you can use whatever.
3) Enter your reported income. If the Form W-2 from Employer shows $50,000 in Box 1 (Wages) then I enter it as income. Now before we go any further, take a look:
Top left shows I owe $2177. to the IRS.
4) Enter the amount of reported income that was actually Redeemed Lawful Money. Scroll down to Less Common Income and then Miscellaneous Income. Now scroll down to Other reportable income. This is where I enter the total of my redeemed lawful money for the year. Let's say it was only $15,000. so I label and enter that as a negative number:
And now look what's happened. I've gone from owing the Feds to ... due a refund of $282:
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