Solved: Mutual fund legal settlement distribution shows up on 1099B, where to report this?
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Level 2

Mutual fund legal settlement distribution shows up on 1099B, where to report this?

I contacted settlement firm and was told they didn’t report such small sums ($11) on the 1099s they provided brokers as a result of this swettlement.  I don’t think its a cash in lieu of fractional shares.  No sales transaction occurred.

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Accepted Solutions
Level 2

Mutual fund legal settlement distribution shows up on 1099B, where to report this?

You can report this amount as Other Income.  To do this in TurboTax, 

  • In your Federal return, choose the tab for Wages & Income
  • Scroll down to Less Common Income (you may have to click Add more income and See more income to view this topic) and Show more
  • Start/Revisit Miscellaneous Income and choose Other reportable income 
  • Say Yes to continue to the screen Other Taxable Income. Enter your item description and the amount.

View solution in original post

1 Reply
Level 2

Mutual fund legal settlement distribution shows up on 1099B, where to report this?

You can report this amount as Other Income.  To do this in TurboTax, 

  • In your Federal return, choose the tab for Wages & Income
  • Scroll down to Less Common Income (you may have to click Add more income and See more income to view this topic) and Show more
  • Start/Revisit Miscellaneous Income and choose Other reportable income 
  • Say Yes to continue to the screen Other Taxable Income. Enter your item description and the amount.

View solution in original post

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