- Membership
- Certification
- Events
- Community
- About
- Help
Reporting large settlements for personal injury
November 1, 2022
Our county issued a large settlement for a personal injury to a minor. Although I understand that settlements for personal injuries are not reportable to the payee, we had to issue five payments as follows.
One check was issued to the parents of the minor and to their law firm. I believe this is reportable to the parents as Other Income and to the law firm as Proceeds paid to an attorney.
Second check was made out to the law firm which I will report in box 10 of the 1099-MISC.
The third,…
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?
