Have a Tax Question? Ask a Tax Expert
Hi, my name is Mark. I will be happy to help you with your questions. Please give me a moment to prepare your response.
The income would be recognized when you have a legal right to it. If you exercise your right to review the severance, I am assuming that you will not be paid until this review period is over. Is this correct?
If you receive the money in 2017, it would be taxable in 2017.
I hope you found this information to be beneficial. If this answered your question please take a few moments to rate my response. A rating is needed in order for me to receive credit for helping you today. The rating bar is located at the top of the page – ranging from 1 to 5 stars. If you need me to clarify aspect of my response or if there are additional areas of the question that you would like me to consider please let me know. I would be happy to continue the discussion. It has been my pleasure helping you today