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How do I report punitive damages shown on Form 1099-MISC?


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The BIDaWIZ Team's Answer:

"You should report punitive damages under Other Income of your form 1040. Please note that some punitive damages may not be taxable. For instance, if it's related to physical sickness or injury, it's possible that it's not taxable. Please refer to IRC Section 104(a)(2).

The BIDaWIZ Team

 

 

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