Where do I report additional/misc income for a small check received?

Forum|Forum|2 years ago
February 19, 2024
3 replies
24 views

I received a small check last year (2023) under $20 from a closed checking account (an account from many years ago) . The check was for a reimbursement of fees taken out incorrectly. How do I report that on my tax return (additional income)?

Thank You.

MinhT1

Level 15

If the fees were billed on a personal checking account, they were never deductible and you don't have to report this reimbursement.

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soulwinner10Author

Level 4

Hello,

Yes, they were monthly service fees taken from my personal checking account that were later reimbursed via check from my bank.

I just realized I posted this in the retirement forum-this check has nothing to do with any retirement funds or reimbursement-does this change me having to report it as income?

Thank You.

Monikak11

Level 6

If you didn't receive a Form 1099-MISC or other information return to report the amount you received, and this was strictly a reimbursement of a checking account fee and not punitive damages, then you don't have to report the amount at all. The exception would be if this were a business checking account and you had previously deducted the amount reimbursed as a business expense.

Most lawsuit settlements are reported on a Form 1099-MISC unless they represent back wages.

See this help article for more information about reporting legal settlements in TurboTax.