Question
Client received compensatory damages award from his previous employer who fired him.He spent that money on attorneys and medical bills?Tax Consequences?
And how do I enter all this in ProSeries?
Client received a 1099-MISC for the award, Box 3 Other Income.
Where do I enter the expenses?
I am assuming that I check "Other Income" in Box 3.
His award is greater than his expenses. Does he pay taxes on the excess?
Client received a 1099-MISC for the award, Box 3 Other Income.
Where do I enter the expenses?
I am assuming that I check "Other Income" in Box 3.
His award is greater than his expenses. Does he pay taxes on the excess?
