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Tag: incarceration

Tax-Free: settlements for wrongful incarceration

Posted on June 16, 2016June 16, 2016 by John Nash

WASHINGTON — The Internal Revenue Service today released guidelines on how wrongfully-incarcerated taxpayers can take advantage of the new retroactive exclusion from income for any civil damages, restitution or other monetary award received in connection with their incarceration. The guidelines are contained in a set of frequently-asked questions, posted today on IRS.gov. According to the…

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