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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.
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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.