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How do I file money I received from B P Oil spill in Florida on this years taxes, Do I just enter amount under Total wages and tips?

 
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Accepted Solutions
IsabellaG
Expert Alumni

How do I file money I received from B P Oil spill in Florida on this years taxes, Do I just enter amount under Total wages and tips?

It depends on who paid you and why. If you were paid to compensate you for lost business profits , you would report that as self-employment income.

If you are an being paid for lost wages, then you should report this income as  wages             .

You may be  receiving a Form 1099-MISC for this compensation, or a W-2 if the payment came from your employer or a third party paying on behalf of your employer.

If you get a W-2, just report it like you would any other W-2

If you get a 1099-MISC, hopefully its reported in box 3 “Other” You’ll need TurboTax Deluxe to report this income. Report this in the Wages and Income section under 1099-MISC. 

If  you didn’t get a 1099-MISC:

  1. Go to Federal Taxes and choose Wages and Income
  2. Scroll to the Less Common Income section and choose Miscellaneous Income (the last choice) 
  3. Choose Other income not already reported on a Form W-2 or Form 1099
  4.  Answer Yes on the Other Wages Received screen.
  5. Continue past Wages Earned as a Household Employee and Sick or Disability Pay
  6.  Answer Yes on the Any Other Earned Income screen
  7.  Choose Other on the Enter Source of Other Earned Income screen
  8.   Enter the amount on the Any Other Earned Income screen.
  9. This will report your payment on line 7 of your Form 1040, and you will not be subject to Self-Employment Tax. 

See this information from the IRS on the Gulf Oil Spill.

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

View solution in original post

2 Replies
IsabellaG
Expert Alumni

How do I file money I received from B P Oil spill in Florida on this years taxes, Do I just enter amount under Total wages and tips?

It depends on who paid you and why. If you were paid to compensate you for lost business profits , you would report that as self-employment income.

If you are an being paid for lost wages, then you should report this income as  wages             .

You may be  receiving a Form 1099-MISC for this compensation, or a W-2 if the payment came from your employer or a third party paying on behalf of your employer.

If you get a W-2, just report it like you would any other W-2

If you get a 1099-MISC, hopefully its reported in box 3 “Other” You’ll need TurboTax Deluxe to report this income. Report this in the Wages and Income section under 1099-MISC. 

If  you didn’t get a 1099-MISC:

  1. Go to Federal Taxes and choose Wages and Income
  2. Scroll to the Less Common Income section and choose Miscellaneous Income (the last choice) 
  3. Choose Other income not already reported on a Form W-2 or Form 1099
  4.  Answer Yes on the Other Wages Received screen.
  5. Continue past Wages Earned as a Household Employee and Sick or Disability Pay
  6.  Answer Yes on the Any Other Earned Income screen
  7.  Choose Other on the Enter Source of Other Earned Income screen
  8.   Enter the amount on the Any Other Earned Income screen.
  9. This will report your payment on line 7 of your Form 1040, and you will not be subject to Self-Employment Tax. 

See this information from the IRS on the Gulf Oil Spill.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
1ladyluck1
Returning Member

How do I file money I received from B P Oil spill in Florida on this years taxes, Do I just enter amount under Total wages and tips?

Help! I am trying to do 2017 taxes (late), and we bought Home and Business version because we itemize and have job related expenses. It is putting this income from lost wages into the self-employment taxes space, and it should not be there. I can't get it to fix that. What do I do? 

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