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I did not receive a taxform for money back from a class action lawsuit. Does this mean I don't owe taxes? The money rec'd was money I lost, but not punative or interest.

 
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CatinaT1
Employee Tax Expert

I did not receive a taxform for money back from a class action lawsuit. Does this mean I don't owe taxes? The money rec'd was money I lost, but not punative or interest.

Yes, you need to report this income even if you did not get a 1099.

 

You will need to enter this as other income in the less common income section.

 

To enter your income from this click the following:

  • Federal
  • Income and Expenses
  • Scroll down to Less Common Income and click Show More
  • Start next to Miscellaneous Income
  • Start next to Other Reportable Income

 

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