Whats the best option on taking a $5000 to avoid as much taxes as possible?

My workplace is compensating me for something that happened and the amount is $5000. They have given me three options on how I could be paid.
First one is a lump sum on the last week of December.
Second, a lump sum in January.
Or third, – 50/50 split, one in dec and the other in Jan.

There are a few things to

My workplace is compensating me for something that happened and the amount is $5000. They have given me three options on how I could be paid.
First one is a lump sum on the last week of December.
Second, a lump sum in January.
Or third, – 50/50 split, one in dec and the other in Jan.

There are a few things to take into consideration, the split will go on two different tax years and also I m going on a work leave early in the year of 2017 so my net income will be significantly lower.

What do you suggest?

Other answer:

crissy:
It's not going to make one iota of difference in the amount of tax you owe on the 5k unless any of those scenarios actually changes your tax bracket.

Receiving the income in 2016 will mean you pay the taxes earlier than if you receive the income in 2017.

Beverly S:
I would think to take it in 2017 since your income will be lower, thus lower taxes.
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Valleycat1:
run a dummy return for each of the scenarios and see what looks best for you. most likely if your gross earned income will be a lot lower in 2017 it would be better to take the entire lump sum in January.
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