Wells Fargo Remediation

[MNme]

I received a 1099 from Wells Fargo for a remediation payment.  The money I received was reimbursing me for fees I paid years ago when an insurance product was slammed onto my account.  That is, they are fully paying me back for money they basically stole from me years ago.  Is there an offsetting entry I can put in somewhere to avoid having this increase my Income?? Seems very unfair.

[ThomasM125]

There is likely no offsetting deduction entry. In general, legal awards are only excluded from income in the case of discrimination suits and when related to physical injuries. You can read more in the article from the IRS.