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jjm-cffsllc-com
Level 1
October 14, 2021
Question

Where do I enter the proceeds from a settlement on a 1040

  • October 14, 2021
  • 8 replies
  • 25 views
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8 replies

BobKamman
BobKamman
Level 15
October 14, 2021

Depends on what kind of settlement.  Tell us more. 

    J
    jjmcgiii50
    Level 2
    October 14, 2021

    The proceeds were received from BP/Haliburton related to an oil spill that caused my client damages.

    Just-Lisa-Now-
    Just-Lisa-Now-Intuit Community Champion
    Intuit Community Champion
    October 14, 2021

    Sch C, E or maybe Other Income depending on your clients situation.

    Q:16

    https://www.irs.gov/newsroom/gulf-oil-spill-questions-and-answers

    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
      PATAX
      PATAX
      Level 12
      October 14, 2021

      Obviously from the vagueness of your question you are most likely not a tax preparer and a do-it-yourselfer... Therefore go to TurboTax and do it yourself if you are not a tax preparer, as this forum is for tax preparers who use Pro Series...

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