turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

W2 for class action settlement with amounts all over the place. How to report?

  • Received a class action settlement check for back wages. Received only a W2. Gross settlement payment was $60 and Net award was about $50. However Box 1 of W2 for wages to report is only $20. In the upper right hand corner of the W2 is a breakdown of how the award was calculated. Listed are wages and taxes deducted(all printed on the W2). But, it also lists $20 for 1099int and $20 for 1099misc w a notation that it’s reportable if $600 or more. I did not get any of these forms. Should I still report these amounts in the 1099int and 1099misc sections in TT? If not, how do I report the $40 difference between the actual gross/net settlement amount and wage amount to be reported?
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

W2 for class action settlement with amounts all over the place. How to report?

A 1099-INT and 1099-MISC need only be issued and mailed to you if the amounts are over the limits to issue the form but the income must still be reported as if you did receive those forms if it exceeds $0.49 (49 cents).

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

W2 for class action settlement with amounts all over the place. How to report?

Can anyone instruct me on how to report this on TT without EIN numbers? 

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question