Question

TurboTax Settlement

Forum|Forum|2 years ago
March 3, 2024
1 reply
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I received a check in 2023 from the TurboTax Settlement. Is that taxable income that I have to report? If so, where do I report it?

SharonD007

Non-injury settlements are considered other taxable income. You should receive a Form 1099-MISC if your settlement is taxable. You will be taxed on the income based on the tax bracket that you fall in and the federal income tax rates.

Refer to the TurboTax article Are legal settlements taxable? for more information.

For instructions to enter your settlement, review the TurboTax help article Where do I enter an award from a taxable legal settlement?

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Z

Zrojas15Author

How should I report it if I did not receive a 1099 - MISC?
Thank you for your response!

DawnC

Employee

If you need to report income not on a tax from, you can enter it in the Other Reportable Income section of TurboTax. Follow the path below to get to that entry spot in TurboTax. All you need to enter is the amount and a description.