1099 misc is normal

来源: lexm5 于 2014-11-10 16:20:39 [] [旧帖] [给我悄悄话] 阅读数 : (512 bytes)
本帖于 2014-11-10 16:36:00 时间, 由普通用户 lexm5 编辑
回答: Help! This should not be income. 由 灰木耳 于 2014-11-10 15:50:31

lawsuit awards are TAXABLE.  But for some awards you can deduct it.  Portions of awards that are lost profit, lost income, or punitive damage, cannot be deducted, and will be treated as income.  

http://www.irs.gov/pub/irs-pdf/p4345.pdf

In your case, you want to amend your tax return to include the 1099 misc amount, but you should be able to find a way to deduct it since you paid it before.  Find an accountant or google around for how to do it. 

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