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What is the check for please?
Okay, thank you. Yes, the bank has a duty to report the transaction. Please see more info here: http://www.yale.edu/tax/docs/rules_def_8300.pdf If you have any more questions, I will be happy to answer them. Please accept my answer so I can receive credit for helping you. We can always continue our conversation at no additional charge. Thanks!
Hi, Sure, no problem! This law alerts the IRS to the potential for collecting taxes on this amount. However, any amounts you receive as workers' compensation for an occupational sickness or injury are fully exempt from tax if they are paid under a workers' compensation act or a statute in the nature of a workers' compensation act. The exemption also applies to your survivors. The exemption, however, does not apply to retirement plan benefits you receive based on your age, length of service, or prior contributions to the plan, even if you retired because of an occupational sickness or injury. So while your worker's comp settlement may be exempt, if it was not, the IRS would know if you claimed the money or not on your 2010 tax return. If you were supposed to claim the money and didn't, they would come after you.
I am sorry to hear that--it must be some sort of glitch. I will notify customer service immediately. Also, if you would like to contact them directly, their email address is [email protected]. Thank you!