USA Tax question on compensation from employment law (punitive). If your award is 10k, and your total income for the year is 10k
Is it taxable if your award is 10k, and your total income for the year is 10k, meaning that you only have a sum of 10k for the year. Does one not need to declare under the 15k rule?
Are the income from the case directly taken for tax, or you have to declare this income on IRS?