Unclaimed property income is entered by using the steps shown below.Sign into your TurboTax account and follow the steps outlined here.Federal TaxesWages & IncomeLess Common Income (scroll to bottom)Miscellaneous Income (bottom)Other reportable incomeYesContinue until you can Enter description and amount

Question

Has anyone entered 1099b for unclaimed property from NJ. the form does not match what turbo tax asks to enter.

Forum|Forum|7 years ago
June 6, 2019
2 replies
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D

DianeW777

Unclaimed property income is entered by using the steps shown below.

Sign into your TurboTax account and follow the steps outlined here.

Federal Taxes
Wages & Income
Less Common Income (scroll to bottom)
Miscellaneous Income (bottom)
Other reportable income
Yes
Continue until you can Enter description and amount

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M

meremattt

I have this exact situation as well. So according to this answer, we don't enter it as a 1099-B. Is that correct?

fanfare

Employee

Why are you trying to pay any tax?

Is my unclaimed property taxable? Will I need to report it on my tax returns?

"Unclaimed property is property that already belongs to you. The State was simply safeguarding it until it could be returned to you. Therefore, unclaimed property is not actually income so it is not taxable. The UPA does however pay interest on the unclaimed property from the time it is received until the time it is returned. If this amount of interest is greater than $10 you will receive and(sic) 1099-INT in January covering this earned interest. For interest tax reporting questions relating to the 1099-INT, please consult a tax professional. "

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deanamw23

Maybe it’s all interest? I know they sent a 1099 so I would assume it’s reportable but again it’s on a B - not a DIV or MISC. I tried calling the IRS but when I finally got a live person I was transferred to a line that was not accepting calls. So annoying