Tax Q

[xcaret]

Curious on whether a person has to declare an X amount from a law settlement due to "Emotional Distress" I might do the tax declaration for someone but there's that $ received and I don't want to make a big mistake.
I'll file an extension first so there's plenty of time to have the declaration accurate.

Thanks

 

[seminolecpa]

Generally the answer is likely yes it is includable, but you should consult a tax professional with your specific circumstances.

 

[xcaret]

Will do and thanks Bryan, I just have to go and buy the Cashier's Check to send with the extension.

 

[iani]

I think you can file the extension online now.

 

[seminolecpa]

Still have to mail in the money and/or have it direc deposited from your account.

BTW you have until April 18th this year because of Emancipation Day in Washington DC.