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ALLI69
New Member

If I accept a settlement in the year of 2017 will that hurt me when I do my taxes next year?

 
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1 Reply
LindaA
Expert Alumni

If I accept a settlement in the year of 2017 will that hurt me when I do my taxes next year?

Legal settlements are often taxable, and yours may be, too, depending on the type of settlement. See the first FAQ below for more information.

If your legal settlement will be taxable and you have an idea of how much it will be, TurboTax can help you figure out how much estimated tax you should pay in 2017. This might be preferable to waiting and paying the tax when you file your 2017 tax return next year. Please see the second FAQ below for instructions on calculating your 2017 estimated taxes.

Are legal settlements taxable?  https://ttlc.intuit.com/replies/4787698
Can TurboTax calculate next year's federal estimated taxes? https://ttlc.intuit.com/replies/4242911
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