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1099 reporting of a settlement payment made out to a husband and wife
December 14, 2021
Q. A husband and wife received a settlement made out to both parties. Regarding 1099 tax filing, how do I make out the 1099 and which TIN do I use? Do I split the amount and send each party a 1099 with their own TIN? Please provide guidance regarding how to handle in January.
A.
(Answered by a 3rd party, independent advisory services firm offering experienced and practical help for tax regulatory compliance for Forms W-9, W-8, W-2, 1099, 1098, 5498, 945, 1042, 1042-S, and state reporting.)
When…
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