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Reportability of a restitution payment
January 26, 2023
Q. We have a settlement that was finalized in 2022; it is for restitution to victims of theft. Most of the victims are companies that do not require reporting but one is an individual. Would the payment to the individual be reportable even though it is a restitution?
A.
(Answered by IOFM's third-party tax experts)
Payments for damages or loss of property are generally not reportable on Form 1099-MISC because the payment doesn't meet the standard of the Code and Regulation which requires…
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