1099 reporting for multiple settlement payees
March 20, 2020
Q. When there is a settlement of three people and it is not known the amount each will get, is it correct to 1099 each person for the full amount and let it be their responsibility to file with the exact amount received?
(Answered by COKALA Tax Information Reporting Solutions, LLC, a 3rd party, independent advisory services firm offering experienced and practical help for tax regulatory compliance for Forms W-9, W-8, W-2, 1099, 1098, 5498, 945, 1042, 1042-S, and state reporting. You can…
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