How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Brent Blanchard Your Own Question
Brent Blanchard
Brent Blanchard, Lawyer
Category: Employment Law
Satisfied Customers: 1975
Experience:  Twelve years of experience in employment law matters, representing both employees and employers.
14609131
Type Your Employment Law Question Here...
Brent Blanchard is online now
A new question is answered every 9 seconds

If I received a check form Mckesson AWP Settlement for overpaying

Customer Question

If I received a check form Mckesson AWP Settlement for overpaying copaymenst for my prescitions do i have to file it on my taxes
Submitted: 6 years ago.
Category: Employment Law
Expert:  Brent Blanchard replied 6 years ago.
Thank you for your question.

Though they took about three class lectures on what "income" is under the Internal Revenue Code back in law school, here are the easiest parts of the rules:

1. Reimbursement for overcharges is not income. It is a return of your own money.
2. A rebate is not income. It is a purchase price reduction, delayed, resulting in a return of your own money.
3. A loan is not income...but you need income to repay the loan...AND "loan forgiveness" is just like income, is called income, and is now required to be reported on a Form 1099 for all amounts of unpaid loan principal above $600 or so.

Thank you.

BAB.