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In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
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Wrongful Death Settlement
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Tributos
Level 2
08-22-2023
01:50 PM
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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.
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3 Comments 3
TaxGuyBill
Level 15
08-22-2023
01:58 PM
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What program are you using?
Is this on a 1099-MISC (it probably should be)?
Tributos
Level 2
08-22-2023
02:12 PM
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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!
Just-Lisa-Now-
Level 15
08-23-2023
12:41 PM
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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.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
