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Generally - there are two ways to treat these expenses...
First of all you was an employee of S-corporation - and most likely an officer and that payment is because of your employment. In this case you may deduct the payment as employee business expenses.
Generally, you must use Form 2106 or Form 2106-EZ to figure your deduction for employee business expenses and attach it to your Form 1040 , U.S. Individual Income Tax Return. You then take the deductible expenses on Form 1040, Schedule A , as a miscellaneous itemized deduction subject to the 2% of adjusted gross income limit.
Please be aware of such limitations - specifically you are an employee in the same trade or business.
Another option to treat that payment as your contribution into S-corporation and as if S-corporation were making a payment.
That woudl increase your basis in S-corporation shares - and will reduce your gain (or increase your loss) when S-corporation is liquidated. As S-Corp is no longer operating I assume you plan to close it anyway - so that would be an issue.
I understand that you did not receive any wages from S-corporation during 2015 because it closed its operations.
However as long as S-corporation existed - you are still an employee.
In additional - you might be an employee somewhere else in the same trade or business.
So - as long as you have income from wages - I do not see any issues to deduct your employee business expenses which include that settlement.
The issue might be that you should itemize to claim that deduction - and you might not be able fully deduct that amount because of 2% floor limitation.
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