I was informed from EEOC & an Attorney that the settlement I received is NOT taxable, but I received a 1099 from the Insurance Company, do I enter this on my tax return
Not compensatory damages where there is physical sickness and/or physical injury. Non the less, the Insurance Co. issued a 1099 mics (CYA I expect). The 'stock answer" is not what I was hoping for, the advice about "deductatbility" was provided me by an attorney AND the EEOC themselves. What I need is HOW to properly report the 1099, without it developing the whooping $33,000 in tax in the amount you owe field?