11Buster
Level 4
05-16-2023
04:57 PM
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Thought I would throw this out there again. Has anyone filed an individual 2022 tax return yet, for a taxpayer who received a (substantial) settlement form SCE (Southern California Edison) in 2022 for damages suffered in the 2018 Woolsey-Malibu fire in So. Cal. We've already heard from CA FTB it is not taxable but (currently) is for federal purposes. Waiting on a bill to make it through Congress to exempt also for federal purposes, but only have until October 16, 2022 to determine how to report on my client's tax return.
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