Im really confused as to why would they need such info...if it just involves them giving me a questionaire to fill out.
2006-12-19 16:50:21 · 5 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
Your insurance settlement must be taxed like any other earned income. This must be reported on a W-2 for your taxes at the end of the year.
2006-12-19 16:53:24 · answer #1 · answered by Michael C 3 · 0⤊ 0⤋
I do not know, if you are the one receiving the settlement, that is the money. Get a second opinion, perhaps from a local/state or federal source.
PS Retired insurance agent sounds right, but I would still get a second opinion, if feeling uneasy.
2006-12-19 16:55:01 · answer #2 · answered by Anonymous · 0⤊ 0⤋
the social security number is used for several purposes.
1) They run a CBR to insure that if there are any judgements filed against you they get paid 1st.
2) It is logged into an insurance database to make sure multiple companies don't pay for the same claim
2006-12-19 16:54:31 · answer #3 · answered by ML 5 · 2⤊ 0⤋
Because your only allowed 4 settlements & it gets reported to the IRS I know been thru this a few times you gotta pay taxes on this.Good Luck
2006-12-19 16:59:06 · answer #4 · answered by sugarbdp1 6 · 0⤊ 0⤋
Under federal law a person must tell you why they want the number and what they will use it for.Look on your card.Not to be used for id purposes.When numbers first came out people were concerned it was like the numbers germans used for the jews. Then fedral law passed.
2006-12-19 16:55:33 · answer #5 · answered by xphxpd 3 · 1⤊ 0⤋