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Section 104 of the IRS Code concerns punitive damages. Punitive damages are awarded to punish a defendant for outrageous conduct. They're in addition to compensatory damages, which are for actual monetary losses. Punitive damages aren't subject to FICA (Medicare, Social Security) but they're taxable. The amount is reported as income on line 21 (Other Income) of Form 1040.
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What is code 1242 mean when IRS sends you notice?
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What is IRS reference number 1081?
what is IRS reference code 1081
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What is code 1242 mean when IRS sends you notice?
A code 1242 is a common code for an IRS error. This code means that the IRS froze your account while they are waiting for additional information.
What is IRS reference number 1081?
what is IRS reference code 1081
What does IRS code 1121 mean?
what is the 1121 code
What does IRS tax code 826 mean?
IRS tax code 826 means that IRS tax refund will be offset to another year. This happens when there are back taxes owed.
What is the purpose of the IRS?
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