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My case finally settled and my lawyer requested I fill out a…

Customer Question
My case finally settled...

My case finally settled and my lawyer requested I fill out a W9 form Does this mean I will be taxed on this ands must include it when I file my 2017 taxes

Accountant's Assistant: What state are you in? It matters because laws vary by location.

Case was settled in California and I now live in Idaho

Accountant's Assistant: Has anything been filed or reported?

No

Submitted: 7 months ago.Category: Tax
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11/23/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 7 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,754
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello. Thank you for choosing this Q&A service for assistance. My name is***** am reading over your inquiry. I will respond to you shortly.

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Tax Professional: Tax.appeal.168, Tax Accountant replied 7 months ago

Happy Holidays!! Depending upon the type of settlement, the settlement amount may be taxable. In the event that the settlement is taxable, your tax I.D. number is ***** That is the purpose of the W-9, to obtain your tax I.D. number. To read more about taxation of settlements, refer to IRS Pub 4345 at the following link.

Link to Form 4345:

https://www.irs.gov/pub/irs-pdf/p4345.pdf

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