- Membership
- Certification
- Events
- Community
- About
- Help
1099 reporting for a court awarded payment
April 4, 2023
Q. Our company was ordered to pay an award by the courts to a plaintiff. Do we issue a 1099 to the plaintiff? The award also has an emotional distress component to the award, but the amount of the emotional distress hasn't been spelled out in the award. Do we issue a 1099 for the full amount of the award?
A.
(Answered by IOFM's third-party tax experts)
Additional information is needed: What are the other components of the damages payment (other than emotional distress) stated in the settlement…
Become A Member
Join IOFM today as a Professional, Business, or Enterprise Member — or upgrade your Starter Membership — to get access to this content and thousands of other Articles, Webinars, Expert Answers, Resource Downloads, and more!
Naturally, this forum doesn’t allow the kind of full information exchange necessary for the Institute of Finance & Management (IOFM) to provide legal advice and the Expert is not a tax attorney in any event. Please understand that the nature of our responses are limited by these constraints as well as the site’s Terms of Use. If you have further questions or suggestions about how we can improve IOFM, please let us know.
Ask The Expert is a member resource of IOFM and all advice provided is subject to site’s Terms of Use.
What are you waiting for?
