Guest lindy Posted June 6, 2001 Posted June 6, 2001 After this settlement is all over ie $50K ($40K me, $10K lawyer) I will need to pay the 50% tax on it(per my AFTER-TAX split contributions with employer). So what IRS forms or procedure do I use to pay this tax NOW and not in April 2002? Do I do a reg. 1040 and itemize with my personal exemption etc. and then deduct the $10K (example only) from lawyer? Do I do some sort of estimated tax on it and pray it is close to what the IRS would want?? I don't have a clue how to do this one.. Thanks so much.
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