Discussion:1099 Reporting on 1040
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Discussion Forum Index --> Basic Tax Questions --> 1099 Reporting on 1040
Discussion Forum Index --> Tax Questions --> 1099 Reporting on 1040
| 9 June 2008 | |
| Have a client that insists that a 1099misc received for 07 is not to be considered taxable income. Orignally the income was to have been received by client as a result of a settlement on a traffic accident supposed bodily injury. Claim was never settled and as a result of attorney negligence client received check from attorneys e & o policy. Client thinks I should put the 1099 on the 07 return as income and back it right back out with an explanation letter attached to return per a suggestion from an attorney.
Other than have the attorney write a letter, which he wont, any thoughts since this seems taxable to me, and client today has no visible signs of bodily injury. | |
| 10 June 2008 | |
| Sounds taxable to me too. Without evidence that it is a settlement for compensatory damages from a medical claim, I think he's stuck.
This is an E&O settlement, and I don't think it fits. | |
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