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So it appears under code section 62(a)(20) attorney fees are still able to be deducted above-the-line if fees are related to discrimination lawsuits. If a taxpayer won a disability settlement from a third party insurance carrier, does this fall under this code section? Assuming it does, I would assume it would be shown on Schedule 1 of form 1040, line 24z, with a description of "expenses deductible under IRC 62" as it might also be covered under section 62(e), specifically (18)..?
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"If a taxpayer won a disability settlement from a third party insurance carrier,"
I think they won their case against the party who discriminated. Then that party's insurance carrier paid up.
The more I know the more I don’t know.
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Well, the fact that the insurance company canceled her (as this multi-billion company is supposedly known for), I guess is "discrimination" in that she, along with others if rumor has it was singled out. Meaning, not all policy claimants over time, have been canceled 100%. Would you show on schedule and word as I had suggested?
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What kind of discrimination?
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Cancelling her policy with no cause. The attorney fees mentioned were to get the company to reinstate, now they are going to pay out a lump sum of 1/4 million to sever ties.
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Under what subsection of 64 62(e) does this unlawful discrimination fall?
EDIT: I see you said (18)
The more I know the more I don’t know.
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I think it goes on Line 24h
The more I know the more I don’t know.
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It's actually under IRC 62 as mentioned.....but yes, that is even a better line to put on. Thanks!
