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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28382
Experience:  Taxes, Immigration, Labor Relations
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I received a large severance lump sum distribution in December

Customer Question

I received a large severance lump sum distribution in December and have been unemployed since. Can I defer that income to the next year's taxes?
Submitted: 10 months ago.
Category: Tax
Expert:  Lev replied 10 months ago.
Unfortunately - deferral is not possible.
Expert:  Lev replied 10 months ago.
Income is constructively received when an amount is credited to your account or made available to you without restriction.Thus when income is received in Dec 2015 - it is treated as constructively received in 2015 and should be included into 2015 tax return..I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.