Form 1099-MISC - Box 14 Gross Proceeds Paid to an Attorney
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Outsider
Level 2

Form 1099-MISC - Box 14 Gross Proceeds Paid to an Attorney

My friend in 2017 opened her own law firm. She received a form 1099-MISC with amount in Box 14 "Gross Proceeds Paid to an Attorney" which was a settlement fee. Let's say it was 30k. 2/3 of that amount she transferred to her client. 1/3 she took for herself. Does she only have to report in box 14 10k or 30k?
2 Replies
Molly_K
Level 3

Form 1099-MISC - Box 14 Gross Proceeds Paid to an Attorney

You would enter it exactly as the 1099-MISC presents it as Gross Attorney Fees.(say the 30K in your example). When you continue onto the next screen, it will ask which portion is taxable to you. There, you can adjust it to what you actually received so that tax is calculated properly on your portion. 

Outsider
Level 2

Form 1099-MISC - Box 14 Gross Proceeds Paid to an Attorney

Thank you Molly!
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