You will report the taxable amount as Other Income. To do so in TurboTax Online:
- Go to Income
- Select "Miscellaneous Income, 1099-A, 1099-C". Depending on which version of TurboTax you are using, you may need to go to "Less Common Income" first
- Scroll to the bottom of the page to Other Reportable Income
- Other taxable income, answer Yes
- Give a brief description of the income (Legal Settlement) and enter the taxable amount.
If you incurred costs (rental cars, Uber/Lyft rides, etc.) during the period you were without a car, you should deduct those from the taxable amount.
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