eh, fuck you guys. No seriously, I realize you guys fill a very important role in society, things can't happen without you. But fuck if you haven't created yourself a nice little cottage industry.

Long story short, I was finally paid out some moneys from my former bankrupt employer nearly 3 years after they filed. That isn't the part I'm ranting about. I received checks for $4923.00 and $764.89 before taxes were taken out. A shit ton more than I would have ever expected, and lawyers were no doubt in there trying to figure out how to divvy up the dead carcass of a failed business model. I thank you guys for that. However, I received W2s in the amounts of $2112.50 and $5687.89. Que?

This is what some folks dug up about it:

Quote :

"Q. Why does the amount reported in my W-2 or 1099 not equal the check that I received? A. On the Effective Date, the assets of each of the Debtor entities were transferred into the respective Liquidating Trusts to be held pending liquidation and distribution of the proceeds thereof. The amount reported on your W-2 or 1099 represents both the cash (if any) already distributed to you as well as the value of your interest in the assets allocated to the Grantor Trust portion of the applicable Trust on account of your allowed unsecured claim (as opposed to the assets allocated to the DOF portion of the Trust). Q. What if I received a W-2 or 1099 but did not receive a check? A. If your only claim was an allowed unsecured claim against Qimonda North America Corp., the assets transferred into the QNA Liquidating Trust for your benefit were only non-cash assets which have not yet been liquidated and therefore have not yet resulted in a check. However, because the assets were deemed to have been distributed to you under the tax laws regarding Grantor Trusts, it is necessary to report the distribution of those assets for your benefit in 2011. Q. How was withholding on employee claims handled? A. If your claim was an employee claim on account of wages (as defined for tax purposes), the Trust withheld any applicable withholding taxes (or, to the extent cash (if any) distributable on your claim was not sufficient to cover withholding taxes, the Trust funded any applicable withholding taxes) and remitted them to the IRS and any other applicable taxing authority based upon the cash (if any) distributable to you and the value of the assets deemed distributed to you. Accordingly, if and when a cash distribution is made to you following the liquidation of the Trust’s assets, any withholding taxes previously funded by the Trust will be deducted from the gross amount of your check."

I suppose it takes an engineering mind (not a fucked up financial or legal one) to think having to pay taxes on something that someone has assigned a value and has placed in my name on my behalf but neither myself nor the holder of those assets actually received real cash/income for it makes perfect sense. This is the type of bullshit, written by fucking lawyers, that has infected society and is slowly killing it by a million microscopic cuts. Every time I have to interact with these aspects of the law my mind wants to explode.

2/4/2012 5:53:10 PM

My lawyer says he gets death threats all the time, and once had a guy storm into his office with a gun.

He must be good.

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[Edited on February 4, 2012 at 6:02 PM. Reason : .]

2/4/2012 5:58:03 PM

They're controlling us with words.

2/5/2012 1:28:01 AM

Man.

2/5/2012 2:26:03 AM

Quote :

"I received checks for $4923.00 and $764.89 before taxes were taken out. A shit ton more than I would have ever expected, and lawyers were no doubt in there trying to figure out how to divvy up the dead carcass of a failed business model. I thank you guys for that. However, I received W2s in the amounts of $2112.50 and $5687.89. Que?"

So question...

Did you just flip the order of the sums? I don't even want to guess what else accounts for this, your post makes me sad.

2/5/2012 8:23:30 AM

I'd see one of those "you don't have to pay unless you win" lawyers. I'm sure they'd see lots of money/publicity in the case

2/5/2012 11:35:34 AM

^You can't do that for *most* types of law, it's against the ethics code (family law, criminal law, etc). But you can for things like Workers Comp, Social Security, Personal Injury, etc.

[Edited on February 5, 2012 at 12:37 PM. Reason : Not sure about tax law, but I'm thinking they can't be contingency fee based.]

2/5/2012 12:36:00 PM