What is the correct way to issue a 1099 form if an insurance company paid a settlement to a lawyer?
Posted on Jul 01, 2008 under Insurance Information |An insurance company makes out a settlement check and mails it to the attorney. On the check is the attorney's name, the client's name and the medical center's name. Should the 1099 be made out to the attorney? The attorney gets the whole settlement check and then he pays the client and the medical center out of that money. I have a problem, I am the medical center and some insurance companies are issuing a 1099 in the medical centers name for the full settlement amount. I don't think this is correct and they disagree and they won't correct this. What can I do? I don't want any IRS problems.
The settlement is issued to the client but attorney fees and medical costs must come out of the settlement. It was a car accident. All 3 names are on the check: the lawyer, the client and the medical center. The insurance company claims the medical center got $5,500.00 on the 1099 form when in reality the medical center was only paid $1,300.00 by the lawyer.
July 1st, 2008 at 9:16 am
what or to whom was the settlement? who sued the co. for the settlement? the settlement was sent to the att. but for whom? the receipient of the settlement should get the 1099. if it was the att. then so be it. if it were joe blow then he gets it. the legal papers naming the receipient tells it all. regardless of where the check was sent.
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