SETTLEMENT CHECKS AND TAXATION Sample Clauses

SETTLEMENT CHECKS AND TAXATION. If you do not exclude yourself from the Settlement, you will receive your settlement amount in one settlement check once the Court has finally approved the settlement and the conditions of the Settlement Agreement are satisfied. Within thirty-one (31) days of the settlement becoming final, or September 30, 2019, whichever is later, Defendant shall deposit with the settlement administrator the required settlement funds. One third of you settlement payment will be reported as wages for tax purposes, and you will receive an IRS Form W-2. Payroll and income taxes will be withheld from this portion of the settlement amount. In addition, one third of your settlement payment will be payment for liquidated damages, and one third will be for penalties and/or interest; these amounts will be reported on an IRS Form 1099 that will be issued to you. Payroll and income taxes will not be withheld from the amounts reported on IRS Form 1099. If you accept the settlement, you will be solely responsible for the payment of any local, state, or federal taxes resulting from or attributable to the payments received under the settlement. You should consult a tax preparer if you have any tax-related questions. You will have ninety (90) days to cash your settlement checks before your settlement checks are voided. After that date, any uncashed check amounts will be donated to charity.
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