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1099 reporting for legal settlement made to an attorney in trust for the claimant
January 23, 2024
Q. What are the 1099 reporting requirements for payments made to an attorney in trust for claimant? Is a 1099 required for both? Is there anything anywhere in the tax law or code that specifically states that a 1099 is required for a claimant when the settlement payment includes the 'in trust for' language?
A.
(Answered by IOFM's third-party tax experts)
A payment to an attorney's client trust fund is included in the definition of "payment to an attorney" requiring Form 1099-MISC Box 10…
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