Gary H. asked
I'm receiving a settlement check for back wages of $166,000, and they are deducting $63,369.52 in taxes. I want to reduce the tax taken out by 10-20k today because I know I have legal fees that will cover the difference when I file my 2017 taxes. How can I achieve this?
March 2nd, 2024
Steven W. answered
The settlement wages are subject to employment taxes (Social Security and Medicare) and income tax w...
March 2nd, 2024
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A client received a W-2 where line 1 and line 11 were filled out. Line 11 is for nonqualified plans. Is this treated as a W-2, and is the amount reported excluded from income on the NYS return subject to $20,000? Additionally, the client also received an RRB 1099-R with line 4 filled out. How should these be reported and are they also subject to the $20,000 exclusion?
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