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Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3153
Experience:  EA, CEBS - 35 years experience providing financial advice
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82 and 85 year old married couple have a total SS income of ...

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82 and 85 year old married couple have a total SS income of 1,400/mth. he recently received 40K as a result of a lawsuit against asbestos mfgrs due to his mesothelioma. is this money considered taxable income? If so, what forms must be filed

The settlement would be tax-free if it was made for a physical injury or physical disease. See the following IRS Publication -


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