The two checks were funneled through my lawyer's trust account. One check was from Fidelity (related to a general liability insurance policy my employer had). The other check was issued by my employer's legal firm. Once those checks cleared, my lawyer issued two checks to me from his law firm. I received a 1099 from Fidelity, Box 14, for $50k, but I never received a 1099 for the other 20k. Should I have received one? And, if so, from who shuld have issued me the 1099?
You should ask your attorney for their advice. One possible reason is that 50K is related to earnings that were part of the settlement and the 20K is damages that are not taxable.
This answer is for informational purposes only and is not legal advice regarding your question and does not establish an attorney-client relationship.
One other possibility is that the 50K was yours so you got the 1099 and the 20k was the attorneys fee so he got the 1099. Of course, only you know if the attorney was paid 20K from the settlement.
Ask your lawyer, since you have one.
This response does not create an attorney-client relationship. Unless you are already a client of the Mallory Law Group, pursuant to an executed employment agreement, you should not use, interpret, or rely on this response as legal advice or opinion. Do not act on any information in this response without seeking legal advice. Earl K. Mallory [email protected] (561)743-3708.
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