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LUMP SUM FROM SSDA WHERE DO I PUT ATTORNEY FEES AT

 
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LUMP SUM FROM SSDA WHERE DO I PUT ATTORNEY FEES AT

Legal fees can be deducted to the extent your income is taxable. For instance, if 50% of  your income is taxable, then 50% of legal fees are deductible.

To deduct legal fees, you must itemize deductions on Schedule A, and the sum total of your miscellaneous deductions including your legal fees must exceed 2% of your Adjusted Gross Income.

Given the above limitations you may not be able to benefit from your legal expenses.

To enter attorney fees:

  • Type in legal expenses, deduction in the search box, top right of your screen

  • Hit the Enter key

  • Click jump to legal expenses, deduction in the search results

  • Follow the prompts and online instructions

 


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1 Reply

LUMP SUM FROM SSDA WHERE DO I PUT ATTORNEY FEES AT

Legal fees can be deducted to the extent your income is taxable. For instance, if 50% of  your income is taxable, then 50% of legal fees are deductible.

To deduct legal fees, you must itemize deductions on Schedule A, and the sum total of your miscellaneous deductions including your legal fees must exceed 2% of your Adjusted Gross Income.

Given the above limitations you may not be able to benefit from your legal expenses.

To enter attorney fees:

  • Type in legal expenses, deduction in the search box, top right of your screen

  • Hit the Enter key

  • Click jump to legal expenses, deduction in the search results

  • Follow the prompts and online instructions

 


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