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We received a lawsuit settlement of which 60% went to the
We received a lawsuit settlement of which 60% went to the lawyer and it puts us in a different tax bracket so we have to pay over $30,000 in federal taxes and close to 7018 Virginia state taxes we wer… read more
Tax.appeal.168
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New; Both questions about 1099 Misc; First:'TY 2018 - A 1099
Not followup - New; Both questions about 1099 Misc; First:'TY 2018 - A 1099 Misc from an insurance loss claim (Fire) by way of the mortgage holder (bank). The bank issued the remainder retainage check… read more
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I received a settlement from law suit last year. I received
I received a settlement from law suit last year. I received part of it in a W2, part of it as misc income, part of it in an annuity and the remainder was s check that the defendant sent directly to my… read more
Lev
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IRS tax Question: If an attorney gets a 1099-misc and then
IRS tax Question: If an attorney gets a 1099-misc and then has to pay the client 50%, do they need to issue a 1099-misc to the client? Please provide irs references. Thanks!… read more
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If payments are made via escrow on a real estate closing
If payments are made via escrow on a real estate closing statement, who is responsible for issuing the 1099s?… read more
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My client paid attorney fees to his attorney. Also, the
My client paid attorney fees to his attorney. Also, the claimant won a settlement. My client was required to pay the settlement to the claimant via his attorney. So, my research indicates that three 1… read more
Dr. Fiona Chen
Dr. Fiona Chen
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Ed, my wife was awarded a settlement from her work after she
my wife was awarded a settlement from her work after she had her position eliminated because she had contracted ALS, Lew Gehrigs disease and could not talk. Te award was for pain and suffering and reported on a 1099 MISC. IRS publication says that if a settlement is reached awards for pain and suffering are not taxable but its not clear. How would you file that portion of the return? … read more
Lev
Lev
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CPA PREPARING 1099m FORMS. Q: IF THE PAYER HAS ONLY 5 FORMS
I AM A CPA PREPARING 1099m FORMS. Q: IF THE PAYER HAS ONLY 5 FORMS TO ISSUE AND 4 ARE TO LAW FIRMS AND THE 5TH IS TO A CPA FIRM WHAT ARE THE PROPER BOXES: BOX 14 SAYS: GROSS PROCEEDS PAID TO AN ATTORN… read more
Tax.appeal.168
Tax.appeal.168
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I was suit by an employee we settled for $ 65,000 with a
I was suit by an employee we settled for $ 65,000 with a monthly installment of 4000 to plaintiff and 2000 to plaintiff lawyer. how do I report this on form 1099 misc. Per the legal agreement, the def… read more
Lev
Lev
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I will be getting a lump sum settlement from my ex employer
I will be getting a lump sum settlement from my ex employer as a mediated claim thru the EEOC on a discrimination case and it said in the paperwork from the attorney on the employer's side that the lu… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
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I have a question regarding a 1099 - Misc form. I received
I have a question regarding a 1099 - Misc form. I received a settlement from a former employer as a result of a wrongful termination case. Three checks were dispersed: One W-2 for wages, one 1099-Misc… read more
Megan C
Megan C
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Hypo: a tenant is forced from their home, due in part to negligence
Hypo: a tenant is forced from their home, due in part to negligence or wrongful behavior by a landlord, sues the landlord. The tenant's attorney breaks his professional obligations, the tenant finds t… read more
Jesse Handel
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I have a friend that she is a full time student. She got into
I have a friend that she is a full time student. She got into an argument with the university and got a 1099 other income for 30,018 from the university. Title IV E award she decided to get an attorne… read more
Lev
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I am trying to reach a settlement with a previous employer
I am trying to reach a settlement with a previous employer after getting a summary judgement in my favor. the amount of the settlement is $49000.00. The employer wants to report $24500.00 as wages and… read more
Wallstreet Esq.
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I am the office manager for a new law firm. We have a question
I am the office manager for a new law firm. We have a question regardign whether we need to issue any 1099's or file a 1096? We had a couple of settlements and have had a regular stream of clients, bu… read more
Merlo
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Hello, I received a check as part of a settlement for unpaid
Hello, I received a check as part of a settlement for unpaid overtime. Paper stocks were also part of the settlement, but since the company is not public, they are "virtual" stocks. Taxes were withhel… read more
Ed Johnson
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I received an out of court settlement for an EEOC issue and ...
I received an out of court settlement for an EEOC issue and I received 40,000 from that settlement. Of that 40,000 I received 7400 for back wages for which I was sent a w-2 by the company. I also rece… read more
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Yes. they issued a payroll check as the settlemnt check and
Yes. I settled an employment discrimination lawsuit. EEOC allowed me to sue. I settled. they issued a payroll check as the settlement check and a W-2 at year end. This is fraud. I am disabled and cann… read more
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Lev
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