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By Mike Miles on June 23, 2016 retirement, Tax, Tax returns

Q. I plan to retire Dec. 31, 2017, and sell back any accumulated annual leave. For tax purposes, will the lump-sum payout be considered CY17 or CY18 income?

A. For tax purposes, income is reported for the year in which it is constructively received.

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Mike Miles

Mike Miles is a Certified Financial Planner licensee and principal adviser for Variplan LLC, an independent fiduciary in Vienna, Virginia. Email your financial questions to fedexperts@federaltimes.com and view his blog at money.federaltimes.com.

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About the Author

Mike Miles is a Certified Financial Planner licensee and principal adviser for Variplan LLC, an independent fiduciary in Vienna, Virginia. Email your financial questions to fedexperts@federaltimes.com and view his blog at money.federaltimes.com.
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