Do i pay taxes for money i got for emotional distress lawsuit?
Find answers to your legal question.
Do i pay taxes for money i got for emotional distress lawsuit?
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I got two checks one for lost wages and one for emotional distress.
i paid taxes on the lost wages and was told i did not have to for the emotional distress amount. is this correct?
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__A_YAHOO_USER__
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Yes.
Jinx's answer is right too. Whoever gave me "thumbs down" is an idiot. |
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J. Jinx
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You must pay taxes on the lost wages but as far as the emotional distress settlement goes, You are only responsible to pay taxes on it IF you claimed a loss such as doctor visits or any other losses directly dealing with the mental distress suit when you filed a past income tax. If no such claim was made then you do not have to legally claim the settlement amount. Do not let anyone tell you different. Call the IRS up.They will verify my claim. |
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SSandecki
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Correct; however due to certain situations you "might" be required to pay taxes or back taxes with this money, I would contact a tax accountant to make sure without a doubt you aren't liable for taxes. |
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dazed&confused
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The entire damages award is subject to federal taxes to be paid by the individual, except for the portions allocated to prejudgment interest and attorneys' fees. (The attorney pays taxes on his or her fees.) However, back pay under some state laws is not taxable
Emotional distress would fall under compensatory damages. |
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