Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

I am a lawyer. I settled a claim against the Johns Manville

Customer Question
Trust Fund for a number...
I am a lawyer. I settled a claim against the Johns Manville Trust Fund for a number of my clients. Over a year later I receive a letter from JM that asks me to send them a 1099 and my W8 form. Please tell me what a 1099 and W8 form are. My accountant is out of town and I have no idea what this is all about. Thanks
Submitted: 6 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 45 minutes by:
12/1/2011
Tax Professional: Lev, Tax Advisor replied 6 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,724
Experience: Taxes, Immigration, Labor Relations
Verified

Hi and welcome to Just Answer!

Most likely - you are asked to sign W9 form - http://www.irs.gov/pub/irs-pdf/fw9.pdf

That form has two main purposes - (1) to provide the payer with your tax identification number - if you are physical person - in most situation the SSN is used; and (2) to certify that you are not subject to backup withholding - so the payer will not withhold any income taxes from the payment.

Without such certification the payer is required to withhold income taxes and remit to the IRS.

 

Then - the payer is required to report the payment made to you to the IRS - using form 1099-misc - www.irs.gov/pub/irs-pdf/f1099msc.pdf -your tax identification provided to form W9 would be used for that reporting.

The payer is also required to provide a copy of the form 1099-misc to the payee.

According to instructions -

File Form 1099-MISC, Miscellaneous Income, for each person to whom you have paid during the year:

--Gross proceeds of $600 or more paid to an attorney.

Under section 6045(f), report in box 14 payments that:

--Are made to an attorney in the course of your trade or business in connection with legal services, for example, as in a settlement agreement,

that reporting is to ensure that attorney's fees are properly reported on the federal tax return.

please let me know if you need any clarification or other tax related issues.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,724
Experience: Taxes, Immigration, Labor Relations
Verified
Lev and 87 other Tax Specialists are ready to help you
Ask your own question now
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,724
30,724 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,312 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,362 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

14,120 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,652 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
I received email stating that our 2017 federal tax return
I received email stating that our 2017 federal tax return prepared via TurboTax had been completed and filed and accepted by the IRS but no refund amount was stated therefore current refund amount and… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,811 satisfied customers
How can I obtain a copy of my 1040 income tax forms for 2015
How can I obtain a copy of my 1040 income tax forms for 2015 that were already filed. … read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
64 satisfied customers
Situation Received 1099-MISC but should have received a W-2.
Situation Received 1099-MISC but should have received a W-2. Form 3949-A was filed. Want to do a return to include the amount on the 1099-MISC but only paying the employee share of SS/Med. I believe t… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,282 satisfied customers
DO I HAVE TO REPORT PURCHASES OF METALS ON A 1099 AND DO I
DO I HAVE TO REPORT PURCHASES OF METALS ON A 1099 AND DO I HAVE TO REPORT SALES OF METALS ON A 1099? DOES THE PERSON WHO SOLD ME THE METALS OR BOUGHT THE METALS ISSUE OR RECEIVE A 1099? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Does copy 1 of the 1099-MISC have to be filed with NYS? I am
Does copy 1 of the 1099-MISC have to be filed with NYS? … read more
Carter McBride
Carter McBride
LLM
269 satisfied customers
What are the forms for reporting Rental Income to the IRS on
What are the forms for reporting Rental Income to the IRS on foreign properties - we collect each month? Is this filed separately from our personal returns?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,095 satisfied customers
Reporting pension and social security income on both Forms
Reporting pension and social security income on both Forms 1040 and 1041? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I am widow,do not file income tax because income is low and
I am widow,do not file income tax because income is low and no taxes withheld. I do own a home which my adult daughter shares with me. She pays all house expenses inlue of rent, these equal half of mo… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,811 satisfied customers
Is there a form to file with the IRS for tax periods that
Is there a form to file with the IRS for tax periods that have ran past the statute of limitations from the date of assessment … read more
Lev
Lev
Tax Advisor
30,724 satisfied customers
If I am reviewing my 2016 Income Tax Returns, which are
If I am reviewing my 2016 Income Tax Returns, which are itemized. (Married, 2 children)Add Line 40 (Itemized Deduction) + Line 42 (Exemptions ($4050 x 4 = $16,200)) which I would subtracted from Line … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,095 satisfied customers
FOR GUILLERMO: What line on the 1040 income tax return is
FOR GUILLERMO: What line on the 1040 income tax return is used to determine the sponsor's income for Form I-864? Is it line 22: TOTAL INCOME? Or, line 37, ADJUSTED GROSS INCOME?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Regarding Federal tax income Form 4952, should I expect my
Regarding Federal tax income Form 4952, should I expect my client to provide me a form to help me fill out line 1 for "investment interest expense paid"? And if so what is the form number?… read more
abci168
abci168
Principal
27 satisfied customers
I owe the IRS $2340, for late reporting on form 1065, can I
I owe the IRS $2340, for late reporting on form 1065, can I just send them a partial payment and ask for installments if possible. thanks: Luis v Olivares Lodi, Ca … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,282 satisfied customers
Can I report rental income in my tax return on a property
Can I report rental income in my tax return on a property thar is owned by my father? He does not live in the US is not a US citizen and can sign a document to allow me to receive the rental… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
14,120 satisfied customers
I filed for an extension to file my 2017 income tax return.
I filed for an extension to file my 2017 income tax return. I recently suffered a stroke - 6 weeks ago - and have been unable to finalize my return. I should be able to file it within the next 30 days… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,811 satisfied customers
How can I get a copy of my income tax statement? Is it the
How can I get a copy of my income tax statement? JA: The Retirement Accountant will know how to help. Please tell me more, so we can help you best. Customer: Is it the 1099 that I need for tax purpose… read more
taxmanrog
taxmanrog
Master\u0027s Degree
778 satisfied customers
2016 FORM 1099 misc box 7. the company forgot to issue one
2016 FORM 1099 misc box 7. the company forgot to issue one more 1099-misc to contractor. the original 1099 and 1096 for other contractors had been mail out to IRS. so if we have to prepare this one ad… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
14,120 satisfied customers
Can franking credit on an Australian income tax return be
Can franking credit on an Australian income tax return be used on Form 1116 as tax paid on the franked distributions? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
14,120 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x