Get your taxes done using TurboTax
Yes, you can report this as other income. Since you actually received the money in 2021, 2022 and 2023 you could amend those tax returns to include each year what you actually received. Instructions for doing that are listed below.
If you do decide to amend the prior years and there is any tax balance due, there will be interest and penalty for late payment. The 2021 should be filed first and before April 15th just in case you have a refund coming.
- How do I file my 2023, 2022 or 2021 Tax Return?
- You would report the income the same way as shown below for 2024.
To report the income in 2024, without any business activity associated with it, you can use the steps below.
Other Miscellaneous Income:
- Sign into your TurboTax Online account
- Go to Tax Home (left panel) Wages and Income section
- Scroll to Less Common Income > Select Miscellaneous Income, 1099-A, 1099-C
- Select Other reportable Income > Enter a description (----) and the amount
