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Settlement taxes
Posted: Tue May 31, 2011 9:41 pm
by Guest8812
We settled our suit in the beginning of the year. We put most of the money in an annuity for my son, some of it in a special needs trust, and a small amount was given to me. Does any one know if taxes need to be paid on the amount I received? The money is stated for past and present medical expenses, nothing about income. TIA!
Re: Settlement taxes
Posted: Wed Jun 01, 2011 5:55 pm
by Ken. Levine
No, the settlement proceeds paid to you or to your child are not taxable. Under the present IRS code you do not pay taxes on the proceeds of a personal injury settlement. If you want more information, please feel free to contact me directly.
Ken Levine
617-566-2700
Klevine@Klevinelaw.com
http://www.Klevinelaw.com