Injury Settlement Lawyer

I received a 15000 dollar settlement last year and it would really change my taxes. I am wondering if I can claim that money as income and what documents I need to claim it.

If the money is specifically for the injury, it’s not taxable.
If any portion was for lost wages, interest or punative damaages, those are taxable.

1. 
   crookedstepvmx said...
   8:58 pm - November 25th, 2010

   if it’s not taxable and you received no tax documents regarding it, then don’t worry about it.
   References :
   I am a tax preparer.

2. 
   v b said...
   9:22 pm - November 25th, 2010

   If the money is specifically for the injury, it’s not taxable.
   If any portion was for lost wages, interest or punative damaages, those are taxable.
   References :

3. 
   Alex R said...
   10:09 pm - November 25th, 2010

   It depends what type of settlement it is and what the settlement was awarding you for. If it was for reimbursement it depends on your injuries, if it was for divorce there are a number of factors involved.

   In any case, claiming additional income will increase your tax liability so be weary before claiming your entire settlement if some of that is tax-exempt.
   References :
   BBA in Accounting

4. 
   Judy said...
   10:22 pm - November 25th, 2010

   You say you are wondering if you can claim this money as income like that would be a good thing. Do you really want to pay tax on something you don’t have to? Why?
   References :