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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29941
Experience:  Taxes, Immigration, Labor Relations
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I received a large severance lump sum distribution in December

Customer Question

I received a large severance lump sum distribution in December and have been unemployed since. Can I defer that income to the next year's taxes?
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.
Unfortunately - deferral is not possible.
Expert:  Lev replied 1 year ago.
Income is constructively received when an amount is credited to your account or made available to you without restriction.Thus when income is received in Dec 2015 - it is treated as constructively received in 2015 and should be included into 2015 tax return..I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.