Two years ago I was in an auto accident that was no fault of my own and was hurt pretty badly in it. Fast forward to now and it's time for me to finally receive my settlement. What I need to know is if I need to set aside any money to pay income tax on this settlement when it comes to tax time next year. I was under the impression that insurance settlements were tax free, but after doing a little reading on the subject, I'm more confused about it then when I started. Here are the facts, I was the passenger in a single vehicle accident, I was injured in the accident with permanent injuries, the driver's insurance company is the one paying out the settlement, this did not go to court before a settlement was reached. I can't think of any other key details that would effect the outcome of the tax-ability of my settlement.
My sister received a large settlement of personal injury. But I do not know if it was taxable .
I fell and broke both of my ankles in June - was off work for 12 weeks - home bound - because I couldn't put any weight on either ankles - I'm suing the company that delivered a phone book and left right on my welcome mat ... which I didn't see when I stepped out to leave my apartment to go to work - my question is this - does anyone have any idea how much money is averagely awarded in cases like this - I missed my entire summer - was off work - got paid because I had short-term disability insurance (thank God). Any comments would be greatly appreciated. Thanks!
I had a car accident in February ( a woman hit my car from the rear of the highway) . I went to chiropractic for about 10 weeks (3 times a week for 5 weeks, and 2 times a week for the rest) . It cost $ 8000 to fix my car . And yesterday I received a call from my lawyer to report closing the insurance company , saying that the final solution is $ 7000. And the money is divided into three: doctor gets 2500, I get 2500 and 2000 by the lawyer. I was thinking whether to sign this authorization form is final or not , because the money was less than I expected . Is it possible that my lawyer could get more money from the insurance company? If so, can you give me some ideas? and how to take approximately ? Thx .
Both myself and my daughter had an accident. I'm done with treatment and ready to install , but still needs more treatment. The insurance company sent me a form to sign " RELEASE OF ALL CLAIMS ." It is necessary to ensure that this is not the end of my daughter's party. Both are listed in the complaint because the same number that is minor. Can anyone tell me is this the way it works a case of this title, the claim form . I guess the title is driving me crazy , and says that all claims . Although the first page of the cover says. Enclosed is our release of all claims in the settlement of your claim. I just want to make sure I 'm not signing on the claims of my daughters. Any advice that this is all new to me.
I was informed by the at fault party's insurance company they have the states minimum of 25,000(BI) stated on their policy but that is not the states maximum. Their PIP was 10,000 and that will only cover part of my medical bills. Can I go after the Maximum because the 25,000 will not cover everything that I lost due to the accident. If that happens will their insurance company then go after the policy holder to have them pay them back. I do have underinsured on my policy, but this is family and I don't want my insurance company to go after them. They are a young couple that does not have a lot of assets. 401k, 2 vehicles they are paying on and some other small assets. Do I just have to eat it and pay for something that was not my fault. Out of work for over a month. Permanent injuries and multiple facial and bodily scars and other out-of-pocket expenses. I don't want to get rich, I just want everything paid off. I don't think I am entitled to pay a dime since I was not at fault. I don't think my life and finance be put on hold because of this, but at the same time I don't want to lose the relationship I have with my brother and his wife. The accident happened in WA.
I was in an accident 6/11/11 hit by a truck diesel lifted around 25-30 mph , while I was in the park . My arm out the window and I suffered whiplash and " soft tissue injury " . I was in physical therapy until 3/12 and chiropractic therapy until 6/12 going to weekly appointments , taking my time to my day . Also before this I was very physically active and outdoors . For 2-3 months I could not lift over 20 pounds , including my nephew who was living in my house and a small child and having to have extra help to move as I could not lift the boxes etc without hurting . I gained 25 pounds for 5 months because I could not participate in sports , etc. We spent some time looking at the whole world or stay home . As an avid snowboarder I usually spend my winter in the mountains , I could not climb all winter sledding or even for that matter. Two weekends a month, my friends and I used to go to dinner and dancing , I tried this in February and was suffering for more than a week later, and could not try again until June. For me this is huge in terms of pain and suffering . It shook my whole lifestyle for months not to mention the weight gain , the pain itself , and the overall stress and headache caused the whole thing . The insurance company is willing to discuss a deal , it would be reasonable for me to say I will not settle for less than $ 6500. I think it's reasonable considering the time it has taken my life and know the " limit soft tissue " is usually about 10,000 .
Ok , long story short I hit the head by a drunk driver , who died at the scene . My car was broken , I had two broken bones and had surgery on 2 discs in the back, top and bottom . My medical bills are $ 190,000 and my lawyer is about to send the letter to the insurance company . Their policy is $ 500,000. My lawyer told me that all politics are asking , but what is a real figure could get it? We are not trying to get rich , but I have small children and I have to think ahead . I have 32 years .
So my son and I were involved in a car accident about 5 months and going to the chiropractor for 5 months and ended last week . I took everything my lawyer called me today saying that the insurance company offered $ 17,000 which does not take it because we told the insurance company offers a solution of 3 times and said the first is always the lowest for how do I make a decision right or wrong and if you ever tried an agreement with the insurer , if not offer the best deal?
I was in a rear end accident not his fault that he was stopped at a red light. Whiplash had said I was in a lot of pain and discomfort. pt did for three weeks I was on workers comp also because it was work related . Got a call from my lawyer telling me that the insurance company made $ 7500 and offer my workers' compensation and medical expenses totaled $ 11,000 for his first offer my attorney said he believes that they do not go higher than $ 10,000 ? ? ? Im confused I think that is a low ball number . It is not even enough to pay the lein wc and I am not impressed with my lawyer I do not feel as if you are on my side . Any advice . Oh, and the $ 7,500 includes pain and suffering and loss of wages pt need some advice. thanks
I T -boned leaving school to 05/02/09 . I was hurt when , but after X -rays told me I had six broken ligiments in my neck and I think 4 of the nerves in the back of my head hit the steering wheel . If you have completed 3 months of treatment . In March this year , my lawyer made an offer to the insurance company , but they refused because they want more medical records .... but now I really desperately need some money , so I was thinking maybe I could sell my settlement ? I do not know much about this, so if someone could tell me how it all works, what I'm getting or an alternative , maybe a guess at how much I could get , and maybe you would recommend? JG Wentworth was thinking ? THANKS !