JustAnswer
>
Tax
Ask A Question
|
Register
|
Login
|
Help
Tax
Ask a Tax Question, Get an Answer ASAP!
Have your own Tax question?
6 Tax Professionals are Online Now
characters left:
Not a Tax Question?
Related Tax Topics:
Irs
,
Pay
,
File
,
Form
,
Year
,
Claim
,
Total
,
Years
,
Income
,
Letter
Question
I received a 1099 from my Insurance Company for payments they made to me and my wife for the 24 hour care he requires from a total disability accident. Is this taxable?
Submitted: 591 days and 11 hours ago.
Category: Tax
Value: $15
Status: CLOSED
+
Read More
Optional Information
Optional Information:
Howell, Michigan
Posted by
Marvin,EA
591 days and 9 hours ago.
Answer
Hello and thank you for using Just Answer. You would file Sch. C to report the 1099 income. You would also report on Sch. C any expenses you had to pay for care he requires (foods, other expenses)
591 days and 9 hours ago.
Reply
It is my understanding and has been for several years that this type of income, from a catastrophic auto claim, is not taxable. We have been receiving payments for several years and until this year have not received a 1099. There was a posting to this web-site indicating that the IRS has made a determination, in letter form, indicating that this type of income is unintended and therefore is non taxable.
Accepted Answer
This income, 1099, was report to the IRS for 2007. You have to go to the insurance company as why they issues a 1099 for 2007. The insurance company would have to contact the IRS and cancel the 1099 as taxable income.
Expert:
Marvin,EA
Pos. Feedback:
98.5 %
Accepts:
Answered:
4/11/2008
Enrolled Agent
10 years self employed , Income Tax Preparation & Representation
+
Read More
Related Tax Questions
Im am filing a return for 2004 filing married filing ...
I purchased property in 2007 that I intend to rent. During ....
If I file an extension for 2007 will I receive my ...
Time-share purchase deduction
I am a 72 year old native american woman living on my ...
What line # is "tax before credits" in a 2004 Form 1040?
I used a lawyer to help get a settlement with the IRS. Are ....
Are you out of your mind? What kind of lunkheaded system .....