Question

How to report distribution from business escrow account

Forum|Forum|3 years ago
March 16, 2023
1 reply
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I received a distribution from the company but they will not issue a 1099 B. I spoke to IRS and was advised to enter information on Schedule ! line 8z and line 9. However, when I try to do this on Turbo Tax I don't know where to start. Online chat could not help either. How do I report these funds?

You would report it as Other income.

Go to Federal Taxes.
Select I'll choose what I work on
Scroll down to Less Common Income.
Scroll down to Miscellaneous Income, 1099-A, 1099-C
Scroll down to Other Reportable income.
On the following screen enter description and the amount.

The amount will show on schedule 1 line 8z and total of line 8 a-z goes on line 9

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yocatAuthor

Thank you! Done.