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You are here: Experts > Business > Corporate Law > Tax Law (Questions About Taxes) > 1099misc. income
Expert: Helen P. O`Planick, EA
Date: 5/12/2008
Subject: 1099misc. income
Question
yes please,mrs. o'planick, please allow me to explain my situation;which will encase my question. in late 2006,i was fraudulently schemed out of a large sum of money from my investment portfolio(account),by my (former) financial advisor.i was notified by the investment firm by which he was employed after he was discovered and terminated.thankfully ,the company reimbursed me the full amount of my loss.the reimbursment was paid to me by a check which i recieved in 2007,and at tax time i got a 1099misc.form.i didn't cash the check.instead i signed it and returned it to the investment firm to promptly deposit it right back into my account.i realize that the i.r.s. sees it only as "claimed income".so my question is:is there any direction at all for me to turn in,in seeking any strategy so as not to have to pay this astronomical amount of income tax?i've paid the first installment,and the entire "state" tax on time to comply with the law.do i need tax"legal help"?or can the i.r.s. help me?or am i hopelessly a victim of this circumstance? thank you so much for your time. best regards,bob
Answer
Bob, you do need more help then this board can give you. While the money MAY not be taxable (it depends on the exact breakdown of the money you received), the art of your problem is the reporting mechanism. All is not lost, you just need to amend your return, but I have trouble explaining what needs done when the person I am explaining to is a tax professional and no offense, I really can't explain it to a tax novice.
However, I can recommend folks that may be able to help you or offer my help even.
Let me know your city (or nearby largest one) and your state and I can put you in touch with someone that can fix this for you.
Helen, EA in York PA
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