In 2005 I received a 1099 from a liquidation trust (other income, box 3) approx $140,000 This was reported as 2005 income and taxes were paid on that amount. In 2005 I received a partial payment against the $140,000 in the amount of $72,000 In 2007 I received a final payment of $40,000 or a total of $112,000.
How do I recover the taxes on the unpaid amount of $28,000?
during the 3 years I had received notice of some taxable income and expense from the trust which was reported on the individual years' tax returns. Do any of these amounts come into play when determining the over reporting of the total Misc Income from the trust?
Tia Neil