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Self employed
Thank you for the quick response. Just to clarify - the below is the level of detail on the lawsuit settlement
A) Gross Settlement Payment - $$$ (B + C + D)
B) 1099-INT $$$ (Amount is > 600, so reportable as per the form)
C)1099-MISC $$$ (Amount is > 600, so reportable as per the form)
D) Wages $$$
E) - Tax on Wages
F) Net Wages = D - E
Net Settlement award = F + B + C
So, as per your suggestion, should I just enter Net Settlement award in that section, OR
Do I need to enter separately -
1) 1099 INT,
2) 1099 MISC (this most likely prompted the self employment tax despite entering it as Lawsuit Settlement)
3) Net Settlement Award as "Other Reportable Income"
March 18, 2025
10:26 PM