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Description

Receiving either the Track A or Track B settlement payment was the first step in finalizing your Keepseagle settlement. All settlement recipients will need to file a federal income tax return and report this settlement as income regardless of their current income level, land status, current employment status and even if they have not filed a Federal income tax return before. Each settlement recipient will be receiving a Form 1099 MISC and/or a Form 1099-C around mid- January. Recipients must file a tax return to comply with IRS regulations. Many recipients may qualify for a tax refund and will not be able to get it unless they file a return.

This article is intended to cover the most common actions each Keepseagle award recipient will need to take once the Form 1099 has been received. Individual’s circumstances will vary and your situations may have complicating factors, such as estate or where additional debt forgiveness occurred. This information is intended for educational purposes only. Seek the advice of your tax professional regarding the application of these general principles to your individual circumstances.

Publisher

Rural Tax Education

Publication Date

1-2013

Keywords

keepseagle, settlement, payment, 1099, taxes

Disciplines

Education | Higher Education | University Extension

Keepseagle Settlement Payment and Your Form 1099 Information Returns

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