Discussion:1099-MISC 2 questons

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Discussion Forum Index --> Tax Questions --> 1099-MISC 2 questons

Cya06 (talk|edits) said:

11 December 2006
Are all punitive damages included in Box 3 even if below the $600 threshold?

Also is thre no threshold for box 14?

AHH (talk|edits) said:

11 December 2006
Per 2006 instructions: all punitive damages are reported in Box 3. All pymts to attorneys, no threshold, are reportable in Box 14.

AHH (talk|edits) said:

11 December 2006
Cya, I realized my answer was too short. Regarding attorneys: Box 14 is for reporting gross proceeds under Sec 6045(f). Box 7 is for reporting amounts pd of $600 or more in the course of a trade or business in connection with legal services. Hope this clarifies.

Cya06 (talk|edits) said:

12 December 2006
Absolutely, Thanks

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