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New Member
posted Apr 7, 2023 9:35:24 PM

I don't have a business, what is my business code on form 3514?

Got money from a lawsuit settlement. Entered a W-2 and a 1099-MISC, and now I'm being asked for a business code for the Form 3514. No clue what that means. I don't own a business.

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2 Replies
Level 15
Apr 7, 2023 9:45:23 PM

https://ttlc.intuit.com/turbotax-support/en-us/help-article/income/report-1099-k-dont-business/L1kuNpKvZ_US_en_US?uid=lg7hnwb7

Expert Alumni
Apr 8, 2023 6:00:33 AM

Go back and review your 1099-MISC entry. Make sure you told TurboTax the money came from a legal settlement. That will remove the business questions on California Form 3514.

 

  1. Sign in to TurboTax and open or continue your return
  2. Search for 1099-misc and select the Jump to link
  3. On "1099-MISC Summary" tap EDIT
  4. Skip "Let's get the info from your 1099-MISC
  5. On "Describe the reason for this 1099-MISC" skip if your description is correct
  6. On "Does one of these uncommon situations apply?" select This was money from a lawsuit settlement

See Where do I enter an award from a taxable legal settlement?