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1099 From Lawsuit

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    #1

    1099 From Lawsuit

    Client received a 1099 Misc with over $22k in box 7. Says it "is the amount that had to be taxed for income in a lawsuit that was settled". It is from an employer they worked for over 4 years ago. So does it go on line 21 as other income or does it go on a Sch. C and if so as what?
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    #2
    Read the settlement agreement and see what the settlement was intended to cover. That will determine the taxable nature of the settlement.

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