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Get your taxes done using TurboTax
There is a work around to get your settlement income to get reported correctly on your tax return.
First you will need to delete the 1099-NEC. To do this:
- Open your return
- Click on Federal Taxes
- Go to Wages & Income
- Under Other Common Income, Revisit Form 1099-NEC
- Delete it
To enter the settlement again :
- Go to Wages & Income
- Scroll to the bottom under Less Common Income select Start (or Update) for Miscellaneous Income.
- Choose Other reportable income
- Answer Yes to Any Other Taxable Income
- On the next screen enter the description and amount
Your settlement will now get reported as Other Income on your tax return. Feel free to reach back if you have any other questions.
March 17, 2024
5:24 AM