Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
ivyandviolets
New Member

If we received a small check from Toyota Economic Loss settlement /class action dated Sept. 2014 , but did not cash it until Jan. 2015, can it be reported on 2015 taxes ?

 
1 Reply
tomsloan
New Member

If we received a small check from Toyota Economic Loss settlement /class action dated Sept. 2014 , but did not cash it until Jan. 2015, can it be reported on 2015 taxes ?

It does not sound like it may be a taxable item in either year.  A number of entities consider "small" payments to be de minimis in nature, and they do not deem it worthy to send you a tax form.   The nature of your check seems like you would have received a 1099-MISC postmarked by January 31, 2015 for a taxable 2014 item.  You might search their web site and see if you can determine whether they posted any guidance to recipients as to the tax treatment of these payments.

Dynamic AdsDynamic Ads
Privacy Settings
v