More details to this question:
I recieved a payment from the Dept of Justice for participation in a class action suit against Wells Fargo. Is this money taxable and will the DOJ mail a 1099 or some tax document?
1 ANSWER
4 Awards
The funds most likely are taxable income under the circumstances you describe, at least to some extent. A 1099 may or may not be issued. However, you need to ensure that you report the award correctly even if you don't receive a 1099. Find a very skilled tax accountant to help you prepare your income tax returns for the year you received the award.
Answered on Dec 10th, 2014 at 12:52 PM
This answer is being provided as general information and not as legal advice. No attorney-client relationship is created by this answer.