Background: I am a Canadian citizen, and in the past lived and worked in the US for a few years. I have been back in Canada since 2010. I am registered with a class action lawsuit connected to one of the companies I worked for in the US.
The administrators of the lawsuit have sent me two IRS forms for the 2014 tax year (1099-MISC and W-2), showing small balances paid to me. But I have not actually received any money yet. What do I do about this?
Do I need to report this on my Canadian tax return? Or can I wait until I actually receive a payment, possibly years in the future?
Is there any reason to file a return with the IRS showing this income? I have not been filing IRS returns in recent years, as my US income, outside of 401-k plans, is about $1/year.
Thanks in advance!
Received IRS forms, but no income?
Moderator: Mark T Serbinski CA CPA