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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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My 2010 income is approximately $110,000 to date plus my spouse

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My 2010 income is approximately $110,000 to date plus my spouse has earned approx $85,000. I was laid off this month and will receive $80000 severance. Tax-wise, would we be better off to receive the severance check in Dec 2010 or Jan 2010?
Submitted: 6 years ago.
Category: Tax
Expert:  Wallstreet Esq. replied 6 years ago.
Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on.

It would be better for you to receive the severance for January as $80,000 added to your current joint income will be a heavy tax burden for you. If you are unemployed for many months next year, the 80,000 will income will be your only taxed salary and be taxed much lower.
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