I am due to recieve a large settlement. I became permantly disabled from my last employer (UPRR). I am wondering what will my tax be on the amount recieved? My taxable income for the last two years has been less than 20k. Thanks for your info.
I hate to do this to you ... but the answer is ... it depends. (My students love this answer) If the settlement is for an injury or illness, not taxable (section 104). Otherwise, probably taxable. The attorney who is getting the award for you should be able to tell you how much of it is taxable. If not, than that atty is not doing the job right.TaxProf
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