I just received a favorable decision on my application for ssdi title 11 according to ssa I will receive over 40,000.00
I am single with no other income will I be exspected to pay taxes on it 0
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I just received a favorable decision on my application for ssdi title 11 according to ssa I will receive over 40,000.00
I am single with no other income will I be exspected to pay taxes on it 0
On 40,000, your federal tax liability will be about $4,230.
Also, you need to look at IRS Pub 915 and review the lump-sum election which will let you refigure the taxes based on prior year(s) returns if any part of the settlement related to prior years. It may or may not be beneficial.
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