JamesG1
Expert Alumni

Retirement tax questions

A lawsuit settlement that does not include payment for back wages should be reported as other income.

 

You may have to delete the entry and start over.  You are able to remove the form by:

 

  • Down the left side of the screen, click on Tax Tools.
  • Click on Tools.
  • Click on Delete a form.
  • Find the form listed and click Delete to the right.

Follow the steps below to report the IRS form 1099-NEC as other income.

 

  • Select Federal from the left side menu.
  • Click on Wages & Income.
  • Scroll down to Less Common Income.  Click Show more.
  • Click Start / Revisit to the right of Miscellaneous income….
  • Click Start / Revisit to the right of Other reportable income.
  • At the screen Other Taxable Income enter a description. 

The entry will be reported:

 

  • on line 8z of Schedule 1 of the Federal 1040 tax return, and 
  • on line 8 of the Federal 1040 tax return.

View the entries at Tax Tools / Print Center / Print, save or preview this year's return / Include government and TurboTax worksheets.

 

@jwalpert 

 

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