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how much taxes will i have to pay on a fifty thousand dollar

Customer Question
law suit settlement i received...
how much taxes will i have to pay on a fifty thousand dollar law suit settlement i received in the state of california? Do i have to pay now or pay them when i do my taxes next year?
Submitted: 6 years ago.Category: Tax
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Answered in 8 minutes by:
12/10/2011
Tax Professional: Richard, Tax Attorney replied 6 years ago
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 56,007
Experience: 29 years of experience as a tax, real estate, and business attorney.
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Good afternoon. Can you tell me what the settlement was for? Thanks.
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Customer reply replied 6 years ago
i can tell you that it was not for bodily injury...
Tax Professional: Richard, Tax Attorney replied 6 years ago
I'll have to opt out....without knowing what the settlement was for, I cannot tell you whether or not it is taxable. Take care.
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Customer reply replied 6 years ago

 

 

I did not ask you whether or not it was taxable; i was already informed by my attorney that it was taxable. If it was a bodily injury lawsuit, it would not be taxable. Anyway, thanks for your response.

Tax Professional: Anne, Master Tax Preparer replied 6 years ago
Anne
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2,439
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
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Hi

Thank you for using just answer. Since you already know its taxable, to answer your question about how much tax you would pay on $50,000 without knowing what other income you have would be difficult. What I CAN tell you is that the top tax rate for 2012 is 35% (after your Itemized or Standard Deduction and Personal Exemption allowance/allowances) and I can give you the graduated tax rates for 2012 . Please see below: (You will need to copy the following address and paste it into your web browser)

http://www.fivecentnickel.com/2011/09/28/2012-federal-income-tax-brackets-irs-tax-rates/

You will report the proceeds on your individual tax return as income in the year you receive them.

You may certainly send the IRS an estimated payment so that your balance due at the end of the year is less. That is totally up to you, but you are not required to pay anything on the proceeds until you report them as income on your tax return.

I hope this helps.
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Anne
Anne
Anne, Master Tax Preparer
Category: Tax
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