topic legal settlement in Get your taxes done using TurboTax

legal settlement

sglick — Sun, 09 Feb 2020 14:50:08 GMT

I received income from a taxable legal settlement. I did not receive a 1099 misc. I input the amount as other misc income. Turbo tax did not compute any taxes due. Why?

Re: legal settlement

LinaJ2020 — Sun, 09 Feb 2020 20:30:06 GMT

Let's re-check the path:

If you didn’t receive a 1099-MISC, follow these steps to report the income:

Open (continue) your return in TurboTax.

Type “lawsuit settlement” in the Search box and then select the “Jump to” link.

Answer Yes to the question Any Other Taxable Income?

Enter a brief description and the amount you received and click Continue.

If you do not believe the program is calculating your taxes correctly, to double-check, you can consider our new product / features TurboTaxLive to file your 2019 taxes to have one of our tax professionals to take a look. In the TurboTax program, once you complete your taxes, before you file, you’ll be given the option for a final review of your return by one of our tax professionals. After they completed reviewing your return, they’ll inform you of any proposed changes.

Here are the details:

https://ttlc.intuit.com/replies/6071042

Re: legal settlement

sglick — Sat, 15 Feb 2020 20:44:04 GMT

I've done exactly what you are suggesting. No what amount I put in turbotax says i owe $0. the settlement amount is taxable. Why does turbotax say i own no taxes?

Re: legal settlement

KrisD15 — Sat, 15 Feb 2020 21:18:53 GMT

If you are sure it is taxable, don't select that it was a settlement. Select "none of these apply"