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D
d_n_az
September 28, 2022
Question

Disability

  • September 28, 2022
  • 1 reply
  • 0 views

Hello Tax Experts,

I wanted to know that I have been collecting Social Security for being disabled. I wanted to know if I have to report the settlement in a legal case this past year, and if so would that effect my situation because there are bills to be paid?

Thank you

    1 reply

    V
    VincentL
    September 28, 2022

    Your specific circumstances will determine what is or is not deductible. Please visit the following websites for more information:

     

    https://www.irs.gov/pub/irs-pdf/p4345.pdf

     

    https://www.irs.gov/government-entities/tax-implications-of-settlements-and-judgments

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