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February 17, 2025
Question

I did not receive a taxform for money back from a class action lawsuit. Does this mean I don't owe taxes? The money rec'd was money I lost, but not punative or interest.

  • February 17, 2025
  • 1 reply
  • 0 views
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    1 reply

    CatinaT1
    February 18, 2025

    Yes, you need to report this income even if you did not get a 1099.

     

    You will need to enter this as other income in the less common income section.

     

    To enter your income from this click the following:

    • Federal
    • Income and Expenses
    • Scroll down to Less Common Income and click Show More
    • Start next to Miscellaneous Income
    • Start next to Other Reportable Income

     

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