To review or modify entries for disasters, theft, & other property loss or damage in the TaxAct program, follow the steps below.
Online
Dashboard
From within your TaxAct return, click Deductions & Credits.
On smaller devices, click the menu at the top left corner of your screen, then make your selection.
Click the Other Deductions & Credits drop-down.
Click Add beside Disasters, theft, & other property loss or damage.
Complete the rest of the interview process.
Classic
From within your TaxAct return, click Federal.
On smaller devices, click the menu at the top left corner of your screen, then make your selection.
Click the Itemized or Standard Deductions drop-down, then click Casualty or theft losses.
Complete the rest of the interview process.
Desktop
From within your TaxAct return, click Federal.
Click the Itemized or Standard Deductions drop-down, then click Casualty or theft losses.
Complete the rest of the interview process.
TaxAct will use the higher of your Itemized Deductions or the Standard Deduction for your filing status to maximize the tax benefit to you. If you do not itemize deductions, you cannot take the casualty and theft deduction and Form 4684, Casualties and Thefts, will not print with your return; however, you can print just that form to review the calculations if you wish.
If you have a casualty loss from a disaster that occurred in an area declared by the President to be a federal disaster area, refer to IRS Publication 547 for more information. In the case of a federally declared disaster, an affected taxpayer can call 1-866-562-5227 to speak with an IRS specialist trained to handle disaster-related issues. For additional information, refer to the IRS.gov has the Latest Information for Taxpayers in Disaster Areas website.