Medical settlements are generally the only lawsuits that you do not have to claim taxes on. You should receive a 1099 from whoever issued the check. You will have to include this as income. If you received it after January though you would include that in your 2008 taxes next year.
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Submitted 651 days ago...
ACCOUNT LITIGATION
Dear Sir
I received a check from [SOLOMON SMITH BARNY GPM ACCOUNT LITIGATION SETTLEMENT]
The check was for $3706.01 it was for a IRA account law suit against SSB. Do I have to claim this on my income tax?
Below I will type what I received.
“”The enclosed check represents your allocated share of the settlement Fund from Normand V. Solomon Smith Barny (S.D.N.Y. 03 4391 (GEL) ). Which is the Guided Portfolio Management (“GPM”) account litigation. Please cash this check within 180 days from the date on the check. Or it will expire and be subject to redistribution.
IMPORTANT TAX INFORMATION, Please retain this memorandum for your files, as you will not receive any additional information regarding your distribution. Please consult your tax advisor to determine the tax consequences, if any, from this distribution.””
Do I claim this as income or what?
This answer was edited by a moderator 621 days ago.
Reason: Removed personal information
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Answer 2 / 2 -
Submitted 527 days ago...
Yes, if you got a w-2 or more likely a 1099 in the mail
that will have the proper tax information you will need to file your taxes with
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