Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax questionI am a licensed attorney I usually file a

Customer Question
Schedule CThis yr (2015) I...
Tax questionI am a licensed attorney I usually file a Schedule CThis yr (2015) I settled a personal injury case ( I usually do not have this type of case/income) and got a 1099 from the insurance company who paid a joint check to me and my client-- the 1099 reports the gross amount of the settlement ($110,000) to me a s income-- but pursuant to my agreement with my client-- only 1/3 of the gross -- $33000- was my fee.How do I report this?
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 7 minutes by:
4/21/2016
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,967
Experience: Taxes, Immigration, Labor Relations
Verified
I suggest to report the full amount - to satisfy IRS verification procedure on line 1 scheduled Cand report the amount to the client as returns and allowances.Be sure to issue 1099mist to the client with full amount and provide an invoice for your services - so the client will be able to deduct that portion if income is taxable for the client.
Ask Your Own Tax Question
Tax Professional: Lev, Tax Advisor replied 2 years ago
.I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.
Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,967
32,967 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

1,338 satisfied customers

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

Richard

Richard

Tax Attorney

4,495 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,272 satisfied customers

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

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 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.

< Previous | Next >

Related Tax Questions
In preparation for MN income tax return, we noticed a
In preparation for MN income tax return, we noticed a discrepancy and would like to receive a transcript for the 2016 income tax return for MN. We have a POA on both spouses, thanks, … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,238 satisfied customers
Maryland personal property tax return. Is medical billing
Maryland personal property tax return. Is medical billing software (not canned software) personal property?… read more
Alexander Efros
Alexander Efros
Masters of Business Administration (MBA)
40 satisfied customers
Income tax for single person, no dependents standard
income tax for single person, no dependents standard deductions only … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Chad, our 2013 personal income tax was recently found to
Hi Chad, our 2013 personal income tax was recently found to have a gross error made by our CPA which caused a tax liability. Is there a deadline as to when this can be amended ?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,363 satisfied customers
I understand I need a pin to allow my tax return to be filed
Hi... I understand I need a pin to allow my tax return to be filed electronically since our accountant was hacked last year and we had to go in and identify ourselves last year... as I understand ther… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,043 satisfied customers
Looking for estimated tax rate for 500,000 income in 2017.
looking for estimated tax rate for 500,000 income in 2017 … read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,495 satisfied customers
VA income tax return form 760, Line 16, “ Taxable Income -
VA income tax return form 760, Line 16 , “Virginia Taxable Income - Subtract Line 15 from Line 9” what are the two bubbles “DTD” and “LTD” ? Should I fill in one ?… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I filed a personal tax return because I paid myself out of
I filed a personal tax return because I paid myself out of my small business LLC. I then tried to file a small business LLC sole proprietor tax return for my business and it was rejected. How do I cha… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I receive the federal allowance for mileage as income from
I receive the federal allowance for mileage as income from an employer and will be receiving a 1099 to show income. Is it best for me to receive the income before and pay tax or not get paid just take… read more
abci168
abci168
Principal
27 satisfied customers
If a person did not file income tax for 4 years and then
If a person did not file income tax for 4 years and then passed away, can the taxes be legally filed after death? … read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,495 satisfied customers
A couple is filing their 2017 PA-40 personal income tax
A couple is filing their 2017 PA-40 personal income tax return. They had their first child in 2017. The father sets up a 529 account titled in his name fbo the child. The father contributes 14k into t… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,363 satisfied customers
You answered that I could amend my tax return to allow for
You answered that I could amend my tax return to allow for 32,000 benefit for filing married joint. will I receive refund or discontine payment since I am on an installment repayment plan. If I amend … read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
333 satisfied customers
When does a person need to file an estate tax return for a
When does a person need to file an estate tax return for a decendent's property sold? … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,363 satisfied customers
My MO income tax return was returned to me that I was not
My MO income tax return was returned to me that I was not getting any return I fax them my 1099 and a copy of the rent I paid in 2017 I am 68 years old could you check and see if that was received ant… read more
Lev
Lev
Tax Advisor
32,967 satisfied customers
Is this true: filing a joint return as allowed for the year
Is this true: filing a joint return as allowed for the year of death - then you would need to report all income for both of you which includes a forgiven debt reported on Form 1099-C.… read more
Lev
Lev
Tax Advisor
32,967 satisfied customers
OH State income tax - Schedule A - personal tax return line
OH State income tax - Schedule A - personal tax return line 31. 1. What is the difference between "survivorship benefits" and "pension continuation benefits"? * New client for me. * OH resident * Spou… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,238 satisfied customers
I am filing tax return for a deceased person. There is a
I am filing tax return for a deceased person. There is a personal representative and two people that are on the will and states any and all property be divided evenly between the two. Who gets income … read more
Lev
Lev
Tax Advisor
32,967 satisfied customers
Is income from an LLC passed through to personal tax return
Is income from an LLC passed through to personal tax return considered earned income, enabling me to contribute to a traditional IRA?… read more
abci168
abci168
Principal
27 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