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jeffandjeffservi
New Member

My business received a 1099 from a law suit, where do I enter the income for the business?

I received a 1099-MISC from a law suit for my business (the 1099 has my business name and  ein and not my social security). I can't find an other income section in the business income section of Turbo Tax so not sure where to include it.

1 Reply
AnnetteB
Intuit Alumni

My business received a 1099 from a law suit, where do I enter the income for the business?

If your business is reported on Schedule C, you would just include that 1099-MISC with your other business income that you have reported.  There is not a separate category of income that it should go into, just income.

If you had legal fees as part of the law suit, you can deduct those as a business expense.

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