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Level 2
posted Feb 28, 2024 9:59:31 AM

Class action settlement

Hi, last year I received a check from a class action settlement, on the amount of $97. Is this taxable money? should I declare it? if so, where would you put it in the income section?

Thanks

0 1 386
1 Best answer
Expert Alumni
Feb 28, 2024 10:04:39 AM

The income would be taxable. You can report it as "other income". Follow these steps:
1. go to the federal income section
2. scroll to the bottom
3. Miscellaneous Income, 1099-A, 1099-C, Start
4. Scroll to the bottom
5. Other reportable income, Start
6. Other taxable income?
7. Select YES
8. Description class action settlement
9. Amount, enter your amount $97
10. Continue

 

1 Replies
Expert Alumni
Feb 28, 2024 10:04:39 AM

The income would be taxable. You can report it as "other income". Follow these steps:
1. go to the federal income section
2. scroll to the bottom
3. Miscellaneous Income, 1099-A, 1099-C, Start
4. Scroll to the bottom
5. Other reportable income, Start
6. Other taxable income?
7. Select YES
8. Description class action settlement
9. Amount, enter your amount $97
10. Continue