if I make 44,300 a yr and have two dependents and recieve a settlement for 20,000 how much does the IRS take?

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if I make 44,300 a yr and have two dependents and recieve a settlement for 20,000 how much does the IRS take?

2007-08-02 08:31:23 · 4 answers · asked by JC 1 in Business & Finance ➔ Taxes ➔ United States

4 answers

depends on what kind of settlement. Some are not taxable and some are taxable. Also, if it's taxable, need to know whether you itemize or take standard deduction.

2007-08-02 08:50:37 · answer #1 · answered by Anonymous · 1⤊ 0⤋

It depends on what the settlement is from?

2007-08-02 08:53:06 · answer #2 · answered by KATHY A 2 · 1⤊ 0⤋

Depends upon what the settlement is for, among other things.

2007-08-02 08:47:50 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 1⤋

What ever they want^_^. Actually it would depend on your deductions. You may be eligible for credits depending on you situation.
You could always ask them yourself

2007-08-02 08:40:42 · answer #4 · answered by ralahinn1 7 · 0⤊ 0⤋