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I was told on any money you get from a wrongful death suit you do not have to pay taxes on. Because you are being compensated for something you lost and can never get back. However; you should ask a tax consultant to be for certain, like H&R Block is the best ones to ask and they pay for mistakes that they make so go to them and have them do your taxes for you. Its worth the money you spend for them to file for you. :)
What else can I help you with?
Do you have to pay taxes on an annuity you get monthly for a wrongful death?
NO
Do you have to pay taxes on a cancer insurance claim?
In the USA you do not pay taxes on the Proceeds from an Insurance Claim.
Claim my child's school lunch on my taxes?
My child has to pay for lunch can I claim that on my taxes?
What is the pay out from wrongful death in a restaurant?
That would depend very much on the cause and type of death.
Why do you have to pay death taxes?
You don't have to pay taxes.. But the government says they tax the transfer property at your death..
Do you pay taxes on the settlement of an insurance claim?
You do not generally have to pay taxes on an insurance settlement claim. You can check with your tax firm or accountant for the rules specific to your state.
If you claim as a dependent, you will pay _______ income taxes?
Less
Do you pay taxes on house insurance claim?
income taxes ? no insurance payments are exempt
Do you pay taxes on a wrongful death award due to your dad dying from injuries sustained in a nursing home?
Wrongful death and/or injury awards are not considered taxable income by the IRS. It would be advisable that any person(s) involved in such a matter should obtain advice from an attorney or tax consultant in regarding the tax laws of the state in which the award is granted and/or they reside.
Can you claim taxes on babysitting if the parents do not pay taxes?
Yes, if you file your babysitting income as self-employed
Can you Claim state taxes on federal return?
Yes. And if you pay more in sales taxes than state income taxes, you can use that
Emancipation from your parents taxes if your not a minor?
At 18 you are an adult and if you no longer live with them or have them pay for your expenses they shouldn't claim you on the taxes.
