What would you like to do?
Pay back whom? If you receive a settlement for an injury and you have medical bills you have to pay those bills related to the injury and it is a good idea to put any remaining funds leftover into a special account in case you get future bills for that injury. Many people go and buy a house or a car with the settlement money and then later on when they need the money to pay for injury care the money is gone and they are in real trouble. Medical insurance carriers will not pay for injury care when you have received a settlement to pay for that injury care. So be wise.
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What text should you put on the back of your personal check to make sure the settlement is closed if you choose to pay off the claim yourself?
Answer . Nothing you put on the check will matter..
Quite possibly. Join the discussion about news and the pros and cons of the settlement with other Vioxx plaintiffs at Yahoo Groups. The group is called "MerckSettlement"….
Generally, a legal settlement or court award is not taxed if it was for personal injury or damages due to an illness. Any interest on the award is taxable and should be report…ed. Other types of awards and settlements are taxable such as for breach of contract, lost wages or profits, punitive damages, employment discrimination, emotional distress, etc.
It depends on what the lawsuit payment is for. Generally, if it is paying you for the loss of property, no. If it paying you for the loss earnings (or as a penalty to th…e one paying it) then it's taxable to you. (The income would have been taxed had you not had to sue).
It gets a bit complex, and very dependent on how the offical judgment was worded ..in simple form: Payments for replacement of things...like damage/loss to your car or propert…y, are NOT taxable (at least as long as you DIDN'T claim a casualty/theft/etc tax loss on them already). It just restores you to where you were. (Generally, that includes the loss of a limb, or such). A payment for loss of wages (which is at least in part because they would have been taxable had they been received normally), or to compensate you for future losses, or punish the others (punitive), are taxable.
I were in a Car wreck a few years back and received settlement money you are not supposed to touch it tell you are 18 but you were wondering if I can get it early to pay for my house?
You would have to petition the courts to release the money from the trust. Sometimes the settlement money is invested in a structured settlement annuity. If that is what ha…ppened, then you could possibly sell the structured settlement. If you sold the structured settlement payments before you are 18, then you need your parent or guardian or a court appointed guardian to support you in court to persuade the judge to allow you to complete the sale and use the money to buy a house. Judges will base their decision on what they think is in your best interest, and a house purchase may be in your best interest.
Typically you do not have to pay taxes on personal injury settlments. Adding taxes into the equation of a specific settlement amount would be too difficult. For instnace, if a…n injured person is given a settlement for medical bills that comes out too little after taxes, it would have to be re-worked. Only smaller things can be taxed after a court case such as punitive fees assigned by the court or accrued interest. The law article below goes into more details regarding taxes and PI settlements.
No. Because it is the persons case based on their work history
You can be found in contempt of court. Each State, county and even Judge treats contempt differently. Some may issue a fine, others may garnish wages, sign over the proper…ty by court order, or even place an offender in jail.
It depends. Check with your health insurer and ask whether or not their is a subrogation clause in your policy. If there is, then your health insurer will likely want "pay bac…k" of any monies they have paid out on your behalf that are related to the auto accident. If there is no such clause then any settlement money is likely yours for the taking/keeping. In case you aren't familiar with the term subrogation, most companies refer to subrogation as the process in which expenses are recouped for a claim paid on behalf of the insured when another party should have been responsible for paying some, or all, of that claim.
$200 million on average
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 inco…me.
Not on the majority of the settlement, as a settlement is thought of as a complete repayment for injuries suffered. Small areas of the settlement such as punitive fees from th…e court or accrued interest on the whole sum may be taxed. The attached law article describes what can be taxed in more detail.