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Should I wait for a 1099?

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Money Talk > Taxes

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nemoryer
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Cash: $ 13.35

Posts: 57
Joined: 11 Apr 2009
Location: wa
Should I wait for a 1099?  Reply with quote  

In 2010, Walmart settled a class action suit in which I was a privileged participant.

My gross settlement payment was $1161.39
Non-wages 41063.89
Wages $97.50
Net wages $90.04
Total Taxes Withheld $7.46
Net Settlement Award $1153.93

With the check that was sent last summer, I also received a W2 Tax Document.

From this W2, I am able to now transfer the figures to my TurboTax.

I am retired, I live in State of WA, I have no other income besides SS.

Is the net settlement award declarable to Uncle Sam and is of any consequence on my 1040?

Turbo tax did not ask if I had received any settlement awards in 2010.

Thank you for any help.
Post Wed Jan 19, 2011 4:09 am
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coaster
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Cash: $ 1626.30

Posts: 7990
Joined: 11 Oct 2005
Location: Wisconsin
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It looks to me like the answer should be in Pub 525 "Taxable and Non-taxable Income", easily found as a downloadable PDF on the IRS web site ... for reading at your leisure, preferably with stiff drink in hand. Laughing
Post Wed Jan 19, 2011 4:57 am
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