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Do you have to report Tax-free money received in Personal Injury Settlement?

Do you have to report Tax-free money received in Personal Injury Settlement?

personal injury
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.

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Related posts:

  1. In a personal injury case, are medical lien holders entitled money if the settlement is awarded as pain/suffer
  2. How do you collect money you are awarded in personal injury case if the person owing is broke or in jail?
  3. Claiming wage loss/medical on income tax from personal injury case?
  4. are there taxes on personal injury settlements?

Comments

  1. thmsnbrgll says:

    No you do not check with HandR block if you don’t believe me.

  2. yahoo says:

    No it is tax free and is not considered earned income.

  3. bostonianinmo says:

    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.

  4. Allan H says:

    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.

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