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NJ Objectors Pan 25 Million FedEx Ground Settlement
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<blockquote data-quote="bacha29" data-source="post: 2668615" data-attributes="member: 58386"><p>Thank you Pseudo Wife for you input . It made me curious and I've tried to find some more information. I've come across some IRS language which will require more study but it says something to the effect that in an out of court settlement with no admission of guilt or the basis upon which payment is made then when it comes to whether the settlement is taxable, the question is often determined according to the plaintiffs reasons for suing. If that is the case then given that the years in question are 2001-2007 there may an argument and this is a long shot that the plaintiffs should be able to amend their returns for those years allocating at least some of the lump sum to those years in an attempt to get as much of their settlement possible into the lowest bracket possible. In the end it will probably require an iRS blanket ruling. About the only other thing that can be done is to report it as miscellaneous income and has be mentioned in the past try to offset as much as possible by means of the miscellaneous deductions allowance on Schedule A. I commend the Jersey boys for rolling the dice. The average settlement at least as far a my state goes is just $12,000 and if it has to be dumped into one year taxes will take such a big and unjust bite out of it that there is really nothing left.</p></blockquote><p></p>
[QUOTE="bacha29, post: 2668615, member: 58386"] Thank you Pseudo Wife for you input . It made me curious and I've tried to find some more information. I've come across some IRS language which will require more study but it says something to the effect that in an out of court settlement with no admission of guilt or the basis upon which payment is made then when it comes to whether the settlement is taxable, the question is often determined according to the plaintiffs reasons for suing. If that is the case then given that the years in question are 2001-2007 there may an argument and this is a long shot that the plaintiffs should be able to amend their returns for those years allocating at least some of the lump sum to those years in an attempt to get as much of their settlement possible into the lowest bracket possible. In the end it will probably require an iRS blanket ruling. About the only other thing that can be done is to report it as miscellaneous income and has be mentioned in the past try to offset as much as possible by means of the miscellaneous deductions allowance on Schedule A. I commend the Jersey boys for rolling the dice. The average settlement at least as far a my state goes is just $12,000 and if it has to be dumped into one year taxes will take such a big and unjust bite out of it that there is really nothing left. [/QUOTE]
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