how much taxes get taken out of money won from a lawsuit?

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how much taxes get taken out of money won from a lawsuit?

i won a lawsuit when i sued a woman for hitting me while i crossed the street and was wondering how much money is going to be taken out. the settlement was 75,000 but i will end up with 30,00 after lawyer fees and hospital bills. how much taxes are gonna be taken out? i live in california.
thanks for any help!

2007-03-30 07:02:13 · 2 answers · asked by Lacey 4 in Politics & Government ➔ Law & Ethics

2 answers

No taxes will be taken from that settlement.

2007-03-30 07:28:12 · answer #1 · answered by John S 1 · 1⤊ 0⤋

Settlements for physical injury or illness are not taxable.

If any portion of the settlement is earmarked for lost wages, interest, or punitive damages that portion is fully taxable.

2007-04-02 08:32:20 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 1⤋