I received a class action settlement check for a little over $8.00.
Do I need to report it?
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Meant to add, I’m filing as self-employed and have made less than $600 this year. Just wondering if this applicable.
The IRS requires that all income be reported. You will need to report the settlement check as other income.
To enter your class action settlement check in TurboTax follow these steps:
Also, you will be required to file Schedule C if your income after expenses is greater than $400. To enter your self-employment in TurboTax follow these steps:
class action lawsuits are generally designed to deal with situations where the injury is material (i.e., a defective product or consumer fraud), rather than physical (personal injury or sickness). So, class action settlement money will, in general, be taxable. The same goes for any awards resulting from employment lawsuits, or any lawsuit that does not involve physical harm.
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