turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Would I have to pay taxes on a settlement due to physical injury? I didn't think so but my paper from the law firm say to consult a tax representative on this.

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
bwa
Alumni
Alumni

Would I have to pay taxes on a settlement due to physical injury? I didn't think so but my paper from the law firm say to consult a tax representative on this.

but my paper from the law firm say to consult a tax representative on this.

They all say this because they don't want to give tax advice. However, based on what you posted, it would not be taxable (and the legal fees would not be deductible.)

View solution in original post

5 Replies

Would I have to pay taxes on a settlement due to physical injury? I didn't think so but my paper from the law firm say to consult a tax representative on this.

Could be taxable; depends on how and why it was paid. If through an insurance policy where you paid premiums, normally not taxable. Did/will you get a W-2 or 1099 form? That will help clarify ...

Would I have to pay taxes on a settlement due to physical injury? I didn't think so but my paper from the law firm say to consult a tax representative on this.

I did pay premiums yes. No I was never sent a W2 or a 1099 form.

Would I have to pay taxes on a settlement due to physical injury? I didn't think so but my paper from the law firm say to consult a tax representative on this.

W-2 and 1099 forms are how IRS knows you got taxable money. Ask source of money if forms were or will be issued ...

Would I have to pay taxes on a settlement due to physical injury? I didn't think so but my paper from the law firm say to consult a tax representative on this.

Will do, thanks!
bwa
Alumni
Alumni

Would I have to pay taxes on a settlement due to physical injury? I didn't think so but my paper from the law firm say to consult a tax representative on this.

but my paper from the law firm say to consult a tax representative on this.

They all say this because they don't want to give tax advice. However, based on what you posted, it would not be taxable (and the legal fees would not be deductible.)
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question