W2 for class action settlement with amounts all over the place. How to report?
- Received a class action settlement check for back wages. Received only a W2. Gross settlement payment was $60 and Net award was about $50. However Box 1 of W2 for wages to report is only $20. In the upper right hand corner of the W2 is a breakdown of how the award was calculated. Listed are wages and taxes deducted(all printed on the W2). But, it also lists $20 for 1099int and $20 for 1099misc w a notation that it’s reportable if $600 or more. I did not get any of these forms. Should I still report these amounts in the 1099int and 1099misc sections in TT? If not, how do I report the $40 difference between the actual gross/net settlement amount and wage amount to be reported?
February 23, 2022
8:40 AM
