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Old 04-23-2001, 12:46 PM
djaj23
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I recieved a settlement for a sexual harassment lawsuit. Do I have to pay taxes on it? Would I have to pay on the full amount or on the 55% I got to keep after the lawyer took her cut? Since I didnt file, what can I do if the gov't asks me whats up? Is there a stupidity defense?
  #2  
Old 04-23-2001, 02:02 PM
Taxguy
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>>Is there a stupidity defense? <<

Generally not,...but in your case it may work.
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Old 04-23-2001, 02:26 PM
djaj23
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Question

lawsuit

So, what will happen if the govt wants me to pay? What can I say? Will there be a penalty?
  #4  
Old 05-05-2001, 01:41 PM
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Join Date: May 2001
Location: NY
Posts: 603
Ok, it would probably go something like this...

IRS: We found out that you recieved a large sum of money for which you didn't pay taxes. Here's your chance to set up a monthly payment plan to start.

You: But...

IRS: You can either pay your taxes or face prison.

You: Where do I sign

Remember that there are always 2 certainties in life. Both of them will catch up to you sooner or later.

Jeter
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