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Get your taxes done using TurboTax
There is a workaround to get your settlement income reported correctly on your tax return if you did not get a form. First, you will need to delete the 1099-MISC. To do this:
- Open your return
- Click on Federal Taxes
- Go to Wages & Income
- Under Other Common Income, Revisit Form 1099-MISC
- Delete it
To enter the settlement again :
- Go to Wages & Income
- Scroll to the bottom under Less Common Income and 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.
‎April 14, 2024
5:45 AM