1099 and workmen comp

Collapse
X
Collapse
 
  • Page of 1
  • Time
  • Show
Clear All
new posts
Previous template Next
  • Earl
    Senior Member
    • Mar 2006
    • 249
    #1

    1099 and workmen comp

    Lawyer gave client a 1099Misc (nonemployee comp) for settlement of a workman compensation case. Should be non-taxable. How to get it through with electronic filing and pass IRS review.
    Tags: None
    • Bees Knees
      Senior Member
      • May 2005
      • 5456
      #2
      Stick it on line 21 with a statement attached. On one line identify the total amount and the 1099MISC payer ID number. On the next line enter the same number as a negative amount so that the net going to line 21 is zero. Identify the negative number as excluded income under Section 104(a)(1).

        Comment

        Previous template Next

        Disclaimer

        Collapse

        This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

        Working...