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1099-MISC Needs review, Untitled, and amount showing zero

I received amount of money due to a legal settlements that are taxable and they sent me a 2020 form 1099-MISC under (Other Common Income) I filled the 1099-MISC but when I am done it shows in the (Summary) at the end that it Needs review, Untitled, and the Amount is 0. But I entered everything correctly as it is written on the 1099-MISC that I received by mail. 

 

Any advice why it is not showing the correct information?

Thank you

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1 Best answer

Accepted Solutions
JotikaT2
Employee Tax Expert

1099-MISC Needs review, Untitled, and amount showing zero

I recommend reviewing your input to ensure you answered all of the questions.

 

You will review this information the federal section of the program.

  1. Select Income & Expenses
  2. Scroll down to All Income and select Other Common Income
  3. Select Form 1099-MISC
  4. Proceed through the screens and review your input.  
  5. When you reach the screen titled Does one of these uncommon situations apply? be sure to mark the box that says This money was from a lawsuit settlement.

Lawsuit question

 

How tax settlements are taxed or not taxed is dependent upon the type of settlement received.  Please see the following links to help guide you based upon your specific set of circumstances.

 

Tax treatment for legal settlements

 

Reporting legal settlements

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
JotikaT2
Employee Tax Expert

1099-MISC Needs review, Untitled, and amount showing zero

I recommend reviewing your input to ensure you answered all of the questions.

 

You will review this information the federal section of the program.

  1. Select Income & Expenses
  2. Scroll down to All Income and select Other Common Income
  3. Select Form 1099-MISC
  4. Proceed through the screens and review your input.  
  5. When you reach the screen titled Does one of these uncommon situations apply? be sure to mark the box that says This money was from a lawsuit settlement.

Lawsuit question

 

How tax settlements are taxed or not taxed is dependent upon the type of settlement received.  Please see the following links to help guide you based upon your specific set of circumstances.

 

Tax treatment for legal settlements

 

Reporting legal settlements

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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