NGTO Message Board
Welcome to NGTO!
Home ] [ Membership ] [ Donations ] [ Feedback ] [ Stream Reviews ] [ Stream Reports ] [ Maps ] [ Events ] [ Articles ] [ Rules and Regulations ] [ Archives ] Message Board ] FAQ ] [ Hall of Fame ] Sponsors & Supporters ] About ] [ Witticisms ] [ Distinguished Members ]
Welcome to NGTO!

Go Back   NGTO Message Board > Other NGTO Forums > Off-topic Discussion
Register Blogs FAQ Members List Calendar Photo Gallery Search Today's Posts Mark Forums Read

Reply
 
Thread Tools Display Modes
Old 01-31-18, 10:01 AM   #1
Counslrman
Hall of Fame Member
 
Counslrman's Avatar
 
Join Date: Feb 2006
Location: Columbus, GA
Posts: 6,423
Default Tax question...?

We received a judgement check from a class action suit I knew nothing about until I got the check. It was something about some subsidiary of our lender having misreported earnings and charging too much interest...gobbledy -gook wording in the explanation...


...anyhow, I cannot find in the 1040 instructions how to deal with this...???

Blessings!

Jimmy
Counslrman is offline   Reply With Quote
Old 01-31-18, 10:41 AM   #2
mb90535im
Native
 
Join Date: Aug 2004
Location: Dalton, GA USA
Posts: 1,288
Default

I'm not a tax accountant, but as best as I can remember, proceeds from lawsuits are similar to insurance payments, non-taxable.
mb90535im is offline   Reply With Quote
Old 01-31-18, 11:30 AM   #3
Trout8myfly
Past Director, Hall of Fame Member
 
Trout8myfly's Avatar
 
Join Date: Jun 2004
Location: Johns Creek, GA
Posts: 7,006
Default Tax question...?

Well, yes they can be.

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

You should (in theory) receive a 1099 Misc with Box 3 checked.

And...

How do I report a settlement from a class action lawsuit in Turbotax?

Sent from my iPhone using Tapatalk Pro
__________________
"What's his offense?"
"Groping for trouts in a peculiar river."
― William Shakespeare, Measure for Measure

Last edited by Trout8myfly; 01-31-18 at 11:47 AM.
Trout8myfly is offline   Reply With Quote
Old 01-31-18, 02:19 PM   #4
Prowler
Native, aka Tooga Prowler
 
Prowler's Avatar
 
Join Date: Aug 2008
Location: Blue Ridge, GA
Posts: 3,911
Default

Yes you should receive a 1099. I got a judgement last year from a class action lawsuit and got a 1099 for it. I liked getting the check but didn't like it as much when tax time rolled around.
__________________
I know where they live, I know what they eat. Now it's time to fool them with thread, feathers and roadkill.


------Team Norvise------
Prowler is offline   Reply With Quote
Old 01-31-18, 11:50 PM   #5
UncleJesse
Native
 
UncleJesse's Avatar
 
Join Date: Oct 2010
Location: NE Gwinnett
Posts: 2,832
Default

If my memory serves me well, if the amount is a relatively small amount, i.e., a few hundred dollars, the check writer is not required to provide a 1099. You are probably still responsible for reporting it, unless it was the loss of property, etc.,

You can take that advise and a dollar and get a cup of coffee at McD.
__________________
Want to hear God laugh? Tell Him your plans.
UncleJesse is offline   Reply With Quote
Reply

Bookmarks


Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -4. The time now is 08:42 PM.


Powered by vBulletin® Version 3.7.2
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
vB.Sponsors
Copyright 2010 - North Georgia Trout Online - All Rights Reserved