Hyundai Settlement - Should this be taxed??

Hi - Earlier in the year I received a settlement from Hyundai which was a reimbursement for repairs made to my car. I had to submit receipts, they were approved by the courts...and I was reimbursed for my money.

Is this considered taxable income? If so, where do I report it in TT?

494

1 Best answer

Expert Alumni

Jan 28, 2022 2:34:57 PM

No, the settlement from Hyundai was is a reimbursement for repairs that you paid for. This is not considered taxable income. However, any amount you received that exceeded your expenses would be taxable income.

If you have reimbursement from Hyundai that is taxable sign in to your TurboTax account if it is not open and follow these steps:

Select Income & Expenses.
Scroll down to Less common income and select show more.
Scroll to the line Miscellaneous Income, 1099-A, 1099-C, and check start.
On the page Let's Work on Any Miscellaneous Income scroll to the line Other reportable income and click start.
On the page Any Other Taxable Income select yes.
On the page, Other Taxable Income enter the description (Hyundai Reimbursement) and amount.
Select continue.
Select done on the next page

Expert Alumni

Jan 28, 2022 2:34:57 PM

If you have reimbursement from Hyundai that is taxable sign in to your TurboTax account if it is not open and follow these steps:

Select Income & Expenses.
Scroll down to Less common income and select show more.
Scroll to the line Miscellaneous Income, 1099-A, 1099-C, and check start.
On the page Let's Work on Any Miscellaneous Income scroll to the line Other reportable income and click start.
On the page Any Other Taxable Income select yes.
On the page, Other Taxable Income enter the description (Hyundai Reimbursement) and amount.
Select continue.
Select done on the next page

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Hyundai Settlement - Should this be taxed??