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I sue AT&T, and settled out of court for $15k. I just recv'd a "1099 Misc" from them listing the 15K in box 7. Is this taxable.

Fair Oaks, CA |

I sue AT&T, and settled out of court for $15k. I just recv'd a "1099 Misc" from them listing the 15K in box 7. Is this taxable.

Attorney Answers 1

Posted

Pretty much everything's taxable, except certain personal injury payments, so it depends what kind of lawsuit this was, what your settlement agreement says, and what your CPA thinks.

Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on, since each state has different laws, each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship.

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