Welcome Guest. Register Now!  


For 2013 Tax Tips For Year 2013.


 
 
LinkBack Thread Tools Search this Thread Display Modes
Prev Previous Post   Next Post Next
  #1 (permalink)  
Old 02-04-2014, 01:24 AM
Junior Member
 
Join Date: Feb 2014
Posts: 2
1099-MISC from lawsuit settlement

I just received a 1099-misc form due to some settlement agreements. So for this 1 out of 3 agreements it is a total of $4500 sent to the lawyer. The lawyers sent me a check for $1000 so the rest was for lawyer fee's. On the 1099 form it just has the full amount in box 14 (gross proceeds paid to an attorney), of 4500. The settlements were from suing under the FCRA when my identity was stolen so it was not a personal injury case or anything that I know is not taxable. What I want to know is If I will be taxed for the full amount of the settlement, and if so possibly pay more in taxes then I receive from the settlements? Wouldn't want to keep letting them sue people if I get stuck with all the taxes somehow and end up in debt.


Last edited by TooShort665 : 02-04-2014 at 01:40 AM.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
 


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Incorrect 1099 from settlement. Advice? CalHawk Income 2 04-24-2013 03:27 AM
1099 misc. Do I have to claim this money from a lawsuit? sandi7820 Income 0 02-26-2011 12:35 AM
Lawsuit settlement 1099-misc...how to report/offset? mdonato Income 0 02-15-2011 05:58 PM
1099 and w-2 received for settlement hackerfoto Income 1 02-15-2011 03:40 AM
Incorrect 1099 from settlement. What to do? CalHawk Income 0 07-26-2010 04:28 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.