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    MIKERMK's Avatar
    MIKERMK Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Sep 14, 2012, 05:44 PM
    Do I pay taxes on back pay I just was awarded ssdi and will receive over 40,000.00
    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
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Sep 14, 2012, 07:30 PM
    On 40,000, your federal tax liability will be about $4,230.
    MLSNC's Avatar
    MLSNC Posts: 158, Reputation: 17
    Junior Member
    		  
    #3

    Sep 15, 2012, 08:13 PM
    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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