Peg G asked:
I received some tax free money in a Personal Injury Settlement. Does it still have to be reported when filing your Taxes? The State is Idaho.
Ipod Touch
I received some tax free money in a Personal Injury Settlement. Does it still have to be reported when filing your Taxes? The State is Idaho.
Ipod Touch
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- Claiming wage loss/medical on income tax from personal injury case?
- are there taxes on personal injury settlements?
No you do not check with HandR block if you don’t believe me.
No it is tax free and is not considered earned income.
Settlements for injuries and illness are not taxable. However, if any part of the settlement is flagged for accrued interest, lost wages, or punitive damages, those portions ARE taxable.
I think income on any ways must be reported. Your income comes under the tax excemption. So u may not pay the tax for that.
here are some sites for furthur clarification. go through them all the best.