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Old 12-15-2003, 06:19 PM
KYSassy
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Reporting settlement amount on tax form

What is the name of your state? KY

Can you tell me where to report a cash settlement resulting from an EEOC Charge? This money was not related to salary. I am wondering if it is reported on the tax form as miscellaneous income or somewhere else? I am supposed to receive a 1099 form for the amount.
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Old 12-16-2003, 04:34 PM
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Location: Washington
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You need to talk to a tax professional -- take a copy of the complaint & settlement so s/he can determine how much of the settlement is taxable. Most EEOC settlements are taxable as ordinary income. However, if you receive a pension settlement, it is possible you can roll it over into an IRA and avoid penalties & a massive tax hit.
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