Class action Settlement money is it taxable?
You never know how many people are facing the same problem with a product or service. The ones who start a Class Action usually get the bigger chunk of the settlement. Came across this: SueEasy.com Apparently you can start a Class Action and if others join.. A class action lawsuit can easily be formed.
This depends on what the settlement consist of. Any part of the settlement that is reimbursement for medical expenses or pain and suffering is not taxable. If part of the settlement consists of reimbursement for lost wages, that is taxable. That is because, had you received those wages back then, you would have had to pay taxes on them. It is basically taxable money that you didn't get till after you should have.
Yes-if you get a settlement from the EEOC it is taxable. If it is considered wages it is taxed at the rate your wages were taxed. If it is compensatory damages it is taxed at a lower rate but it cannot exceed 50% of the settlement.
You pay taxes on any kind of settlement. The government taxes your money regardless of how you got your money. One man went to jail because he did not pay taxes for dealing drugs, and another for embezzlement. The government wants you to pay taxes regardless of how you got your money. The above rather extreme comment is not surprisingly, incorrect in many many ways. Theure are many, many ways to receive many and for… Read More
It is possible to have taxable and nontaxable income included in any settlement amount that you have received. If you receive a 1099-MISC you will know that you have some taxable income that you will have to report on your 1040 income tax return. Perhaps your attorney or the Judge can tell give you some information about this and the terms of the settlement.
In the US, the money is not taxable if the beneficiary is an adult.
General guidelines: If the money you receive is to replace taxable income - loss of wages, for example - then there is a taxable situation. (You would have paid tax on the income had you received it normally). If the money is to pay for hospital bills, household assistance, auto repairs or replacements - basically things to restore you to where you were before the event, then there's no taxable event (assuming you didn't tryto… Read More
Can you receive a class action compenstation settlement for pain and suffering when declaring bankruptcy?
Any money you get from such a claim will most likely go to those which already have a judgment against you for not paying debts that you own. It depends on what types of debts and payments you have. I would suggest asking your bankruptcy attorney. He should do something for the money he was paid.
No, that should not be considered taxable income. If it is a large loss and you do not use the money towards the repair, you could run into tax trouble. I would consult an accountant if this is the case.
Most law offices will handle class action lawsuits. Lawyers like to make money. If they get enough people then the more money they will make. The Yellow Pages offer a wide variety of lawyers.
No but what you do with the money may be taxable.
Money received as a beneficiary from an estate is not considered taxable. Money that is left on behalf of an estate is an inheritance and is considered to be tax free.
None of of the borrowed money would be taxable income to you when you receive it.
An investment, whose returns are taxable can be termed as taxable investment. For ex: In India, the interest earned on bank deposits are taxable. Hence depositing money in fixed deposits can be considered as a taxable investment
I assume you are asking that if you take a cash loan, withdrawal or surrender your policy for the cash value, will the money you receive be taxable? On a loan no, never. On a Surrender or withdrwal, only the cash that exceeds the amount of premiums you paid. Before surrendering a policy, check and see if you can get an offer from a life settlement. It usually is worth more than the cash value.
No. Workers comp is not taxable.
Money paid to trustees and executors for their services is taxable compensation. More information is provided at the link below.
Example sentence - She was surprised to learn the money she received for spousal support is taxable income.
No, it is not taxable, however you are obligate to maintain a record of how the money is spent.
No the borrowed money would not be taxable income to you that you would report on your 1040 federal income tax return as income in the year that the amount is borrowed.
Death benefits are not taxable for income tax purposes.
No. Only a 'financial gain' is taxable. Getting money back is a wash, not a gain.
Individual disability insurance benefits are not taxable, because the premiums are paid with after-tax money. The employer paid disability insurance policies have taxable benefits due to the fact that premiums are paid by the employer with pre-tax money.
If an employee steals from his employer can this amount be added to the employee's wages as taxable income?
This money cannot be added to the employee's wages as taxable income. This money is not theirs and should be reported to the police.
Money that is borrowed is not taxable. If you borrow it and don't pay it back, it can be classified as income and be subject to income tax. If you borrow money and are not being charged interest, the government will consider the cost of interest to be income that is taxed.
Yes, in most cases it is taxable. The law is different depending on the type of trust and what state you are residing in.
If by "payroll lawsuit" you mean a lawsuit for back pay that you were entitled to but did not get, then yes you do have to pay taxes on it. This is because that money is a replacement for the income you should and would have received earlier but did not get. Had you gotten it earlier, you would have had to pay taxes on it as taxable income at that time.
depends where you live
Yes, the money that a person recieves in a lawsuit is taxable unless it is stated otherwise by a government official. When a person reports their taxes for the year, there is a section for settlements they have recieved during the year.
Borrowed money is not taxable.
Yes. It's a taxable service in every country and country world-wide. If you accept money for services (ANY type of service) then you are effectively earning an income ... and have to declare the money.
Generally yes...but it is entirely situational. Looked at broadly, if the money received is to evenly replace something of value you lost...say paying you for the broken window..then it ISN'T taxable, (as long as you didn't take a casualty deduction for the loss when it was incurred.....in which case it's taxable at least to the amount of the loss you reported, but now got compensated for). If they payment is to enforce a contract or… Read More
Not necessarily Inherited money is not taxable, so the issue is not that it has already been taxed. The IRS does not consider it taxable income. On the other hand, any interest earned on the inherited money during administration IS taxable. That money is considered income and the estate must pay the income tax on it or the estate distributes that interest to the beneficiaries prior to the close of the estate and the beneficiaries… Read More
Are executor fees taxable income if the deceased was a family member and the executor was also a beneficary?
There is a distinction between money the executor receives as compensation for administering the estate and money the executor receives as an inheritance. The fees are taxable income, the inheritance is not.
Loan proceeds are not taxable, if your parents loaned you money and then decided to forgive the debt that wouldn't be taxable either (it's a gift). If you are paying your parents interest on the loan that interest is taxable income to your parents.
Not only money received but also debts forgiven from credit cards, car loans, etc. Any and all debts forgiven or wiped away through bankruptcy courts are taxable as income.
In order to determine what portion of your income is taxable you will need to look at a schedule from the IRS. The IRS provides these updated schedules annualy and your taxable portion is based on the amount of money you make and any dependants you may have.
Yes this could be possible depending on what the settlement amounts would be made for. Answer NOPE, can't touch them. IRS, Nobody can touch any money you get compensated for personal INJURY(I thought that was your question) after you pay your medical bills and 30-40% attorney fees, the rest is yours= PERIOD. No "child support taken out" Back taxes /IRS- Nada.............Have a great day!!, Answer In the United States, Insurance claim settlements (such as life… Read More
Loans are not usually considered income for tax purposes. Added: UNLESS you, the lender, are earning interest on the loan. Then - the interest income is taxable.
Simply put, yes.
Income tax NO. Estate Tax - probably.
It depends on the amount and situation. Check with a tax accountant.
The first step to getting money for your structured settlement is determining if you want to sell partial payments or sell your whole structured settlement for a lump sum. Next you apply with a funding company that specializes in structured settlement buyouts to receive a quote.
No. Your federal tax is not deductible from your income in determining state taxable income, hence any refund of it isn't included as taxable income.
It depends on the nature of the lawsuit. If you were very seriously injured you may make more money off of an individual lawsuit, however, the big benefits of a class action lawsuit are dramatically reduced legal costs and great efficiency. The law article below discusses more of the benefits of a class action suit. But it really does depend on your personal situation-the type of injury, how much you can spend on a lawyer… Read More
Debt collectors can indeed take settlement money from someone if they owe debt. These collectors may take from what they need to.
If you received money from a sibling after he refinanced his home to pay off the share of an estate entitled to you are taxes owed on this money?
It sounds like what you received was your portion of an inheritance. If that is the situation, based on the facts given, there is no reportable tax occurrence. For inheritances, if what is inherited would have been taxable to the deceased, an IRA for example, then it's taxable to the heirs. Ans Money is fungible...that is indeterminable from each other. How your brother got the money to pay you is irrelevant. He didn't pay you....the… Read More
People lose about $100,000 each year by annuity settlements, so don't get a settlement or you will lose your money and you don't want to lose your money do you?
The government will take any money they can from you so I would say that they will tax it. You can thank Obama for that.
No, inheritances are not subject to federal income taxes.