1099 misc is normal

來源: lexm5 於 2014-11-10 16:20:39 [] [舊帖] [給我悄悄話] 閱讀數 : (512 bytes)
本帖於 2014-11-10 16:36:00 時間, 由普通用戶 lexm5 編輯
回答: Help! This should not be income. 由 灰木耳 於 2014-11-10 15:50:31

lawsuit awards are TAXABLE.  But for some awards you can deduct it.  Portions of awards that are lost profit, lost income, or punitive damage, cannot be deducted, and will be treated as income.  

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

In your case, you want to amend your tax return to include the 1099 misc amount, but you should be able to find a way to deduct it since you paid it before.  Find an accountant or google around for how to do it. 

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