Ask Experts Questions for FREE Help !
    rx81tm's Avatar
    rx81tm Posts: 1, Reputation: 1
    New Member

    Jan 30, 2008, 07:39 AM
    1/2 of excess contribution check
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man

    Jan 30, 2008, 07:41 AM
    I would treat it as a gift since you got no 1099.
    toyota1068's Avatar
    toyota1068 Posts: 16, Reputation: 3
    New Member

    Jan 30, 2008, 07:45 AM
    I would think you need some kind of Tax form for filing this, but if you don't want to get a letter from IRS I would suggest checking on line at or call a Tax expert. Just to be sure, if it's done wrong IRS will notify you 2 or 3 yrs later and you might have to owe them something. So it wouldn't hurt to find out and do it right the first time.
    cdad's Avatar
    cdad Posts: 12,701, Reputation: 1438
    Internet Research Expert

    Jan 30, 2008, 02:49 PM
    Its really going to depend on some wording and if it's a settlement or a suport check. If its spous support its taxable for sure and he gets to write it off ( federal taxes ) but if its simply a dispersment of funds generated while you 2 were married then you need to look at the tax filing for the year it may / maynot have been deducted.

Not your question? Ask your question View similar questions


Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.

Check out some similar questions!

Excess/Heavy discharge [ 59 Answers ]

Has anyone ever experienced heavy or excess discharge during their pregnancy? My period's not due until next week but I've been having some cramping and my discharge is extremely heavy. No odor, no itch. It actually feels like I have a light flow the way it kind of gushes out. Im sure every woman...

Excess contribution to a traditional 401K [ 1 Answers ]

I was doing my taxes and found that I had contributed too much to my traditional IRA $4595.00 or 595.00 too much. Now I have to pay a 6% penalty every year until that money is withdrawn... Won't I get a penalty if I remove money from my IRA? What is the best solution to this problem?? ...

Excess Contribution in 401k plan [ 1 Answers ]

What does the term excess contribution mean?

Who keeps the Excess [ 5 Answers ]

When my contractor was through with the job of siding he had 4 squares of siding left ($150 a square)along with extra j channels and outside corners and starter strips... who gets to keep these?I assumed I did because he used my money to order an pay for them... he says its him because I paid for...

View more questions Search