Proceeds From Lawsuit Settlement
I am about to receive the proceeds from a lawsuit settlement - which will be fully taxable (punitive not personal injury). My questions are as follows:
1) how to receive the money (lump sum, 2 payments over 2 years...) in order to minimize tax
2)this was an empler/employee suit - so how to avoid it being classified as "lost wages"
3)how to file (ie - joint or married separate)
4) any other tax issues??
Thank you so much for any help you can give me!!
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