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20 State Multi District Settlement
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<blockquote data-quote="bacha29" data-source="post: 2373345" data-attributes="member: 58386"><p>What is currently being proposed is lumping the entire amount into one tax year by placing it one 1099 which is then taxed as ordinary income which includes federal income tax both the employer and employee share of social security as well as any state and local income taxes that may also apply. It then becomes imperative that every claimant receive a copy of the formula used to reach the weekly amount that can be presented to the IRS in an attempt to minimize the tax liability. Given that the 9th U.S. Circuit Court of Appeals had already ruled in favor of the plaintiffs clearly counsel for the plaintiffs in this class action should have gone ahead and let the 7th U.S. Circuit Court of Appeals decide the matter because given the way they are handling the proposed settlement the claimants aren't going to get anything out of it anyway.</p></blockquote><p></p>
[QUOTE="bacha29, post: 2373345, member: 58386"] What is currently being proposed is lumping the entire amount into one tax year by placing it one 1099 which is then taxed as ordinary income which includes federal income tax both the employer and employee share of social security as well as any state and local income taxes that may also apply. It then becomes imperative that every claimant receive a copy of the formula used to reach the weekly amount that can be presented to the IRS in an attempt to minimize the tax liability. Given that the 9th U.S. Circuit Court of Appeals had already ruled in favor of the plaintiffs clearly counsel for the plaintiffs in this class action should have gone ahead and let the 7th U.S. Circuit Court of Appeals decide the matter because given the way they are handling the proposed settlement the claimants aren't going to get anything out of it anyway. [/QUOTE]
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