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I was in a car accident and severely injured, I received a PIP payment, wage loss $15614.88 and total was $35614. How is this reported?

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I was in a car accident and severely injured, I received a PIP payment, wage loss $15614.88 and total was $35614. How is this reported?

You will only report income for the lost wages.

Everything else is excluded from taxable income.

For more information, follow this link: IRS on Lawsuits

I am sorry you were hurt so severely.

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