Solved
$40,000.00 was taken out for Fed. and State taxes. Can I still file through turbo tax if I recieved a lump sum of 85.000?
You'll report the entire amount as "Income", then you'll have the taxes that have been withheld also shown as "payments" on the tax return. You may or may not owe more taxes on the amount once its been combined with the rest of your income.
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