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General Discussion

ck4829

(35,070 posts) Thu Sep 2, 2021, 01:38 PM Sep 2021

1

What kind of tax form do you fill out for a $10k "bounty"?

10,000 dollars is easily enough to push the bounty-getter into a whole higher tax bracket.

Since it would be an award for damages, I think it's the 1099-MISC. Am I right?

Handy site for possible future reference:
https://www.irs.gov/compliance/reporting-other-information-to-the-irs

4 replies

= new reply since forum marked as read

Highlight:

What kind of tax form do you fill out for a $10k "bounty"? (Original Post) ck4829 Sep 2021 OP

So who issues the 1099? DURHAM D Sep 2021 #1

The person getting the bounty would have to report it, if they don't... ck4829 Sep 2021 #2

But the person paying the bounty is also required DURHAM D Sep 2021 #3

I think that's covered by Form 666. George II Sep 2021 #4

DURHAM D

(32,609 posts)

1. So who issues the 1099?

Reply to ck4829 (Original post)

Thu Sep 2, 2021, 01:43 PM

Sep 2021

Would that be the 13 year old rape victim?

ck4829

(35,070 posts)

2. The person getting the bounty would have to report it, if they don't...

Reply to DURHAM D (Reply #1)

Thu Sep 2, 2021, 01:45 PM

Sep 2021

it would be tax fraud.

DURHAM D

(32,609 posts)

3. But the person paying the bounty is also required

Reply to ck4829 (Reply #2)

Thu Sep 2, 2021, 01:53 PM

Sep 2021

to issue the 1099 and report it to the government.

George II

(67,782 posts)

4. I think that's covered by Form 666.

Reply to ck4829 (Original post)

Thu Sep 2, 2021, 01:57 PM

Sep 2021

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