I was in an accident, I settled and the check was for a little over 16,500.00
2006-11-04 11:43:24 · 8 answers · asked by Monique 1 in Business & Finance ➔ Taxes ➔ United States
Monies received from pain and suffering and/or reimbursement for medical expenses are not taxable, unless you previously deducted those same medical expenses on your tax return. Monies received from loss of income ARE taxable at present. Please consult with a licensed accountant with the details and he/she will be able to advise you exactly what, if any, portion of your check is taxable.
2006-11-04 12:37:17 · answer #1 · answered by fearslady 4 · 2⤊ 0⤋
Yes however most effective the curiosity you earn is taxed. For illustration we could say you win the lottery and in a 12 months that cash makes $50 000 curiosity. You pay the identical tax as if you happen to labored a task and made $50 000 in a 12 months. Most individuals on this drawback pay their taxes 4 occasions over the path of the 12 months simply so they do not have got to pay it abruptly in April. Anybody who does not get their taxes mechanically taken out in their examine most of the time does this
2016-09-01 07:16:32 · answer #2 · answered by gombos 4 · 0⤊ 0⤋
Ms; depending on what state you are in but, most states you do not have to pay taxes on personal injury. Call you local H & R Block office on Monday and they can tell you for sure.
Good Luck & Hope you are Ok.
2006-11-04 11:53:40 · answer #3 · answered by Anonymous · 0⤊ 2⤋
no, you do not pay taxes on settlement checks
2006-11-04 11:51:27 · answer #4 · answered by george 2 6 · 0⤊ 2⤋
No!!!! Enjoy its tax free!!!
2006-11-08 09:58:20 · answer #5 · answered by laue 4 · 0⤊ 0⤋
http://injury.freeadvice.com/injury_help.php/154_206_1038.htm
2006-11-04 11:49:05 · answer #6 · answered by Joe S 6 · 0⤊ 0⤋
No, this is not taxable income.
2006-11-04 11:54:03 · answer #7 · answered by Anonymous · 0⤊ 1⤋
im 16 and i say aduh to that
2006-11-04 11:44:40 · answer #8 · answered by Tyler1990Cali 2 · 0⤊ 3⤋