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<blockquote data-quote="bacha29" data-source="post: 2965279" data-attributes="member: 58386"><p>Pay attention I'll explain. The 20 state MDL class action law suit over the question of whether the guys at G were contractors or employees during the years 2001 though 2007 was settled out of court with X admitting no quilt or liability. Settlement checks for the class members are now being sent out. As a parting shot X is sending 1099's out with the checks lumping the entire payment into 2017 to be taxed as ordinary income at the prevailing rate of taxation which will most likely mean that the class members will end up paying at a higher rate. It is my hope that the IRS will allow class members to go back and amend their returns for those years pay the taxes owed which might be lower rather than dumping it all into one year although there will likely be interest owed on the unpaid balance for those years. Currently you can only go back 3 years and amend returns. There is little chance of getting approval and the savings may be little considering the interest but reporting higher incomes in the years in question could result in a higher Social Security monthly benefit for class members in the future.Given the fact that G had on record both the years and the weeks upon which the settlement payments were based dumping it all into one year was clearly out of spite.</p></blockquote><p></p>
[QUOTE="bacha29, post: 2965279, member: 58386"] Pay attention I'll explain. The 20 state MDL class action law suit over the question of whether the guys at G were contractors or employees during the years 2001 though 2007 was settled out of court with X admitting no quilt or liability. Settlement checks for the class members are now being sent out. As a parting shot X is sending 1099's out with the checks lumping the entire payment into 2017 to be taxed as ordinary income at the prevailing rate of taxation which will most likely mean that the class members will end up paying at a higher rate. It is my hope that the IRS will allow class members to go back and amend their returns for those years pay the taxes owed which might be lower rather than dumping it all into one year although there will likely be interest owed on the unpaid balance for those years. Currently you can only go back 3 years and amend returns. There is little chance of getting approval and the savings may be little considering the interest but reporting higher incomes in the years in question could result in a higher Social Security monthly benefit for class members in the future.Given the fact that G had on record both the years and the weeks upon which the settlement payments were based dumping it all into one year was clearly out of spite. [/QUOTE]
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