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April 6, 2023
Question

I received fair fund distribution settlement from schwab where should I report ,on income of 1040SR SR?

  • April 6, 2023
  • 1 reply
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April 6, 2023

This will be entered on Line 8z of Schedule 1 (Form 1040).

 

Follow these steps in TurboTax online to enter your fair fund distribution settlement:

  1. If you don’t see 2022 TAXES in the left pane, select the dropdown to the right of Income & Expenses on the Hi, let’s keep working on your taxes! page and then select Let’s get startedPick up where you left off, or Review/Edit. 
    • Otherwise, in the left pane, select Federal, then Wages & Income (This is labelled Income & Expenses in TurboTax Self-Employed)
  2. Scroll down and select the Show more dropdown to the right of Less Common Income
  3. Select Start to the right of Miscellaneous Income, 1099-A, 1099-C
  4. On the Let's Work on Any Miscellaneous Income page, select Start to the right of Other reportable income
  5. Answer Yes on the Any Other Taxable Income? screen
  6. On the Other Taxable Income page, enter Schwab Fair Fund Distribution in the Description box, then the amount of the distribution in the box next to the appropriate taxpayer.  If both spouses received the settlement, you can split the amount for each.      Select Continue
  7. Select Done on the Other Miscellaneous Income Summary screen