My wife and I received the check from the Rocky Flats Settlement Claim. I called the legal firm handling the case via their toll free number and asked about a 1099 form. The gentleman said that no 1099 form would be sent out. Am using TurboTax Deluxe to file a return so not sure how to handle this situation. Those I talk to regarding this has an more idea than us.
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The IRS will most likely not have any identifiable number to associate the settlement payment you received to their internal records. However, you may have to include the settlement in your income.
You need to consider any loss in value of your property as a result of the chemical plant.
Please note that the discussion in regards to page 5 of the settlement agreement that was established to hold the money relate to the settlement fund itself, and not you as a beneficiary. The settlement fund had to be managed in a way consistent with Treasury Regulation Section 1.468B-1. The settlement fund had to invest the money to earn some interest income, and any taxes due as a result of earning the interest had to be paid from the settlement fund itself.
Please follow these steps to enter the settlement income in TurboTax Deluxe-Desktop:
The IRS will most likely not have any identifiable number to associate the settlement payment you received to their internal records. However, you may have to include the settlement in your income.
You need to consider any loss in value of your property as a result of the chemical plant.
Please note that the discussion in regards to page 5 of the settlement agreement that was established to hold the money relate to the settlement fund itself, and not you as a beneficiary. The settlement fund had to be managed in a way consistent with Treasury Regulation Section 1.468B-1. The settlement fund had to invest the money to earn some interest income, and any taxes due as a result of earning the interest had to be paid from the settlement fund itself.
Please follow these steps to enter the settlement income in TurboTax Deluxe-Desktop:
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