MonikaK1
Expert Alumni

Get your taxes done using TurboTax

If you didn't receive a Form 1099-MISC or other information return to report the amount you received, and this was strictly a reimbursement of a checking account fee and not punitive damages, then you don't have to report the amount at all. The exception would be if this were a business checking account and you had previously deducted the amount reimbursed as a business expense.

 

Most lawsuit settlements are reported on a Form 1099-MISC unless they represent back wages. 

 

See this help article for more information about reporting legal settlements in TurboTax.

 

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