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Financial Planning / Tax Strategies
|Subject: Litigation Settlement - no 1099-MISC||Date: 3/31/2013 5:17 PM|
|Author: snippee||Number: 118231 of 125861|
We received $46.82 last year as part of a class action litigation settlement fund. When the check arrived, I saved the stub and the short explanatory note that came with it, part of which reads:
"Because the tax treatment of this distribution varies based on the recipient's tax status, the Claims Administrator cannot determine the appropriate tax reporting for any recipient. You should consult your tax advisor to determine the tax consequences, if any, of this distribution to you."
We didn't get a 1099-MISC but figured it goes under Miscellaneous Income. Am I mistaken?
Thanks, as always, for your help.
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