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what line do i put $30000 judgement lawsuit payment from my

Customer Question
I sued my last yrs...
I sued my last yrs employer jan 07- june 07 (i''m a teacher)for sexual discrimination and got a judgement paym for $30,000 where do i put it on the irs form?
Submitted: 9 years ago.Category: Tax
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1/1/2008
Tax Professional: MequonCPA, Certified Public Accountant (CPA) replied 9 years ago
MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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DearCustomer-

You will report the judgement as other income on line 21 of your Form 1040. If you have legal fees that were not deducted from that amount, they are deductible on line 36 with a note to the IRS. See IRS Publication 525 (link below) page 29.

http://www.irs.gov/pub/irs-pdf/p525.pdf

 

MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
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Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.

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