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!
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 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 .
I was just in a car accident last month . I suffered an injury that has led me to seek treatment from my doctor and now requires a specialist (oral -facial surgeon maxo ) to evaluate my situation . My incident is well documented. I tried to work with my insurance company other parties , and never return calls , ignoring my requests for assistance with a rental car ( even though the other party admits fault, admits running a red light .. and insurance claim that they had to pay for repairs , etc.). I decided to get a lawyer to help me with this because to be a headache for the payment of medical bills , meds , pain and suffering , etc. My injury may actually be with me the rest of my life .... and may require surgical intervention , depending on the results of MRI, etc. .. My big question .. What should I expect to see as far to agree . (Not much money but a percentage of the money collected and money .. possible settlement offer original)
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 was in an accident on the back not his fault he was stopped at a red light. said he had a cervical sprain which was in a lot of pain and discomfort. PT did for 3 weeks I was on workers comp also because it was work related . I received a call from my lawyer tells me the insurance company and the offer made â€‹â€‹$ 7,500 my workers' compensation and medical expenses amounted to $ 11,000 their first offer my lawyer said he believes he will not go higher than $ 10,000? ? I'm confused I think that's a low ball number . It is not even enough to pay the lein toilet and I'm not impressed with my attorney I do not feel like it is on my side. Any advice . Oh, and $ 7.500 includes pain and suffering and lost wages pt need some advice. thanks
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 .
I was in a car accident ( he was standing and a girl hit me at full speed ) . I suffered a back injury . I had severe pain and I have seen a chiropractor three times a week for a month and twice a week for a month . It is starting to improve (although there are certain ways I am still hurts ) . I was wondering if anyone can tell me a rough idea of the amount expected in an agreement .
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.