2006-09-08 13:08:32 · 7 answers · asked by missydk2002 1 in Business & Finance ➔ Taxes ➔ United States
No it is not taxable. I've had several insurance settlements and never had to pay tax on it.
2006-09-08 13:11:39 · answer #1 · answered by Anonymous · 0⤊ 0⤋
WRONG..the law on settlements changed a few years ago. The only settlements NOT taxable are for pain & suffering or physical injuries. Punitive, wages, other losses ARE taxable including the legal fee the lawyer took out. The lawyer sends you and IRS a 1099 MISC form to use to prepare the tax return.
2006-09-09 16:26:14 · answer #2 · answered by Ellie 2 · 1⤊ 0⤋
Insurance settlement is the same as winning your case in a lawsuit and getting a judgement -- both are non-taxable as far as income.
2006-09-08 20:14:21 · answer #3 · answered by Anonymous · 0⤊ 0⤋
When you started to type in this question, if you were paying attention, similar questions have been asked and popped up on your screen. If you looked at any of the THOUSANDS of them, you would have a host of answers to choose from. Being observant is vital to being able to function in society. Seems it's a skill you need to brush up on.
2006-09-09 01:27:15 · answer #4 · answered by misslabeled 7 · 1⤊ 0⤋
It is not earned income, not taxable.
2006-09-08 20:14:53 · answer #5 · answered by Tim B 3 · 0⤊ 0⤋
Not taxable .
2006-09-08 21:30:09 · answer #6 · answered by Made in America 7 · 0⤊ 0⤋
no
2006-09-08 20:12:13 · answer #7 · answered by reno_tony_casino 5 · 0⤊ 0⤋