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New Member
posted Sep 28, 2022 11:10:02 AM

Disability

Hello Tax Experts,

I wanted to know that I have been collecting Social Security for being disabled. I wanted to know if I have to report the settlement in a legal case this past year, and if so would that effect my situation because there are bills to be paid?

Thank you

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1 Replies
Employee Tax & Finance Expert
Sep 28, 2022 11:55:02 AM

Your specific circumstances will determine what is or is not deductible. Please visit the following websites for more information:

 

https://www.irs.gov/pub/irs-pdf/p4345.pdf

 

https://www.irs.gov/government-entities/tax-implications-of-settlements-and-judgments