What is the taxation rate when filing a 1099 MISC?

anaNportlandia: What is the taxation rate when filing a 1099 MISC?
I would like to know what the taxation rate would be for a pretrial settlement once I receieve my check.

Answers and Views:

Answer by StephenWeinstein
The rate is not fixed. The rate varies based on the total of all your income for the year. It could be 0%. It could be more than 30%. It cannot be determined until the total of all your income for the year is known.

Answer by Sharon T
In addition to Stephen’s answer, one must consider what the settlement is for. Certain payments for bodily injury are not considered taxable income.

Your attorney should be able to refer you to a tax professional if you need one.

Answer by Mathew
Tax on a settlement award will not have a fixed rate as it will normally become a part of your total ordinary income. There could be some adjustment based on the nature of the settlement.