New York  |  Tax Law

Legal Question

Asked on: 2/26/13, 2:44 pm

I am going to receive a settlement from a discrimination lawsuit (settled out of court) of $50,000.00. It states in the agreement that this amount is for pain and suffering. The lawsuit was for age and religious discrimination. My question is how much will I have to pay in taxes on this $50,000.00?

Thank you for your help.

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