0
No.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
Are insurance settlements income taxable?
no
Are insurance settlements taxable?
Generally settlements are not taxable. Some insurance payments are taxable in certain circumstances. Disability payments received on a policy that the premiums were completely paid for by your employer would be taxed as ordinary income.
Are auto accident settlements taxable when you are on ssi disabily or need to be reported?
No these types of payments are not taxable.
Are wrongful death settlements in Arizona taxable?
Yes, they are.
Are settlement proceeds taxable?
The IRS states that only settlements due to physical or emotional injury are non taxable, for instance if you received a settlement for mesothelioma. States however may tax settlements as ordinary income.
Is a relocation settlement taxable by the IRS?
Relocation settlements are taxable by the IRS. If an employer pays them to relocate an employee, they must be included in with the employees gross income total.
Is a monetary award from a civil suit taxable?
The taxability of court settlements depends on what the settlement is for. If it is compensation for a loss, in general it is not taxable. If it is a 'penalty' it will be taxable. Your attorney should be able to tell you what is taxed and what is not taxed. Or consult your tax professional.
Are wrongful death settlements taxable?
Settlements received in a personal injury settlement are generally not considered income. It is usually thought of as a means of making someone whole for losses attributed to the injury and therefor isn't typically taxed. Emotional distress, when not associated with a physical injury is typically included as taxable income. Non-punitive damages received for personal injuries are excluded while, punitive damages are taxable income. http://www.pulversthompson.com/personal-injury-lawyer-blog/is-my-personal-injury-settlement-taxable/
What is a guarantee that provides protection against faulty products?
A guarantee that provides protection against faulty products is called a warranty. Warranties may either be expressed or implied and vary according to jurisdiction.
Is a settlement for mesothelioma injury taxable?
There are certain parts of the settlement that will be taxable and there are certain parts that are not. But the chunk of it will likely not be taxable including special damages-compensation for pain and suffering and general damages-compensation for expenses arising from the injury. The attached article goes into a lot of specifics as far as taxes and settlements go. It can be a little confusing.
Can the IRS insolvency rule be applied toward credit card settlements?
Yes. If you are insolvent at the time a credit card debt is forgiven, the cancelled debt may not be taxable as income.
Do you pay taxes on an EEOC settlement?
I have not researched this question recently and tax law can change. Last time I looked this up, discrimination settlements were a personal injury and as such not taxable income.
