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My business received a 1099 from a law suit, where do I enter the income for the business?
I received a 1099-MISC from a law suit for my business (the 1099 has my business name and ein and not my social security). I can't find an other income section in the business income section of Turbo Tax so not sure where to include it.
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June 4, 2019
2:07 PM
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Business & farm
If your business is reported on Schedule C, you would just include that 1099-MISC with your other business income that you have reported. There is not a separate category of income that it should go into, just income.
If you had legal fees as part of the law suit, you can deduct those as a business expense.
June 4, 2019
2:07 PM