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My friend stole money from her employer past 5 years, she…

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My friend stole money from...
My friend stole money from her employer for the past 5 years , she came clean with him and paid him back the full amount this year . He is going to put it on a 1099 . Is this correct even though she has given all the money back ?
Submitted: 2 years ago.Category: Tax
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Answered in 5 minutes by:
2/11/2016
Tax Professional: emc011075, Tax adviser replied 2 years ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,703
Experience: IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you.

Stolen money is taxable for tax purpose and the employer can issue 1099 for it even if the money was repaid. Your friend will have to claim it as income and than deduct the repaid amount on schedule A, subject to limitations. There's usually no deduction on state return.

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