We found out we had unclaimed money with the Texas comptroller. We took the necessary step and received a check for $3000.00. How do we report this on our tax return?

Depends on what you got the money for ... most of these are not a taxable event.

It was a check that was sent to us to help with a foreclosure.  Needless to say we never got the check and lost the house.  We got a letter from the IRS saying we failed to claim the money on a tax return. We did some research and found out the check with still available through the Texas comptroller unclaimed money fund.

You can report it as other income on Form 1040 line 21. Here's how to enter it in TurboTax.

·         Click the Federal Taxes tab ( Personal in the Home & Business version)

·         Click Wages & Income. (Personal income in the H & B version)

·         On the screen "Your 2017 Income Summary," scroll all the way down to the last section, "Less Common Income."

·         Click the Start or Update button for the last topic, "Miscellaneous Income, 1099-A, 1099-C."

·         On the next screen, "Let's Work on Any Miscellaneous Income," scroll down and click the Start or Update button for the last topic, "Other reportable income."

·         The next screen asks, "Did you receive any other taxable income." Click Yes.

·         On the next screen, "Other Taxable Income," enter a description and the amount. Click Continue.

·         On the next screen click Done.

The income will be reported on Form 1040 line 21 with the description that you entered.

Thank you so much!