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C
Clipperclerk
Level 3
February 26, 2022
Question

1099-NEC for Pain & Suffering compensation

  • February 26, 2022
  • 2 replies
  • 21 views

 A client has received a 1099-NEC for the amount clearly outline in the settlement agreement and general release as being intended to compensate for alleged emotional distress, personal injury, and physical sickness. Is this amount taxable income?

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2 replies

Camp1040
Camp1040
Level 10
February 26, 2022

Personal injury in not taxable.

    G
    garman22Intuit Community Champion
    Intuit Community Champion
    February 26, 2022

    was some of it for loss of wages? Could they have been wrong on the breakdown?

    C
    ClipperclerkAuthor
    Level 3
    February 26, 2022

    There was a separate W-2 issued for the lost and unpaid wages awarded. 

    G
    garman22Intuit Community Champion
    Intuit Community Champion
    February 26, 2022

    Ah, 10-4!!

    I agree with @Camp1040

     

    I'd call the attorney and find out why they showed this on the 1099. AND NEC? Not 1099-Misc?

     

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