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Get your taxes done using TurboTax
Thanks Monika,
The damages I received were punitive so they're definitely taxable. So basically for the settlement that came with a tax doc, I'm going to enter the full amount and back out the difference.
For the settlement I didn't get a form from, just enter the amount I won as the taxable income and I should be in good shape.
I would imagine when I review the return at the end, line 8z from Form 1040 Schedule 1 will have sum of both of the settlements?
‎February 5, 2025
10:27 AM