The taxpayer received a settlement, which I've currently listed as 'Taxpayer other income not subject to SE tax'. This amount really should go on 1040 Sch1 Line 8z. I don't see where I can list the amount of tax withheld in order to reflect that tax has been taken out.
They haven't provided a form yet were advised of the estimated amount and just received the net proceeds. I expect to see 1099 later. I listed the tax w/h on Additional Tax Pmt 1 under the ESTIMATED TAX PAID AND PRIOR YR OVERPMT. the Gross Proceeds I currently have under 'Taxpayer other income not subject to SE tax'
Curious if there are better sections to list these. Thanks!
if theres tax withheld, you'll see a 1099MISC at some point, just use the 1099MISC worksheet for the entries and the software will funnel everything to where it goes.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.
