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UPDATED FOR TAX YEAR 2019
Yes - You need to report this income. You can report it as Miscellaneous Income, using these steps:
- Click on Federal Taxes > Wages & Income > I'll choose what I work on [If you're in TT Self-Employed: Personal > Personal Income ]
- In the Less Common Income section , click on the Start/Update box next to Miscellaneous Income, 1099-A, 1099-C.
- On the Let's Work on Any Miscellaneous Income screen, click the Start/Update box next to Other Reportable Income.
- On the screen, Any Other Taxable Income? click Yes.
- Enter the amount and description on the next screen.
[Edited | 4/3/2020 | 11:00pm PDT]
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