jlew1229
Level 3
12-14-2020
01:49 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I have a client that will be getting a wrongful termination settlement of 60K. From what we can tell it will all be taxable as lost wages. There will be legal fees of about 20K. The Miscellaneous deduction section of the schedule A has been eliminated. Is there anyway she can take these legal fees to help reduce the income she will be taxed on? We are not sure the tax form that will be generated, but I am guessing it will be a W-2.
I am trying to find the best way for the client to claim the settlement so the least amount of taxes are paid.
Thanks
Jacquie
Labels