Why don't you explain how reimbursement for psyche injuries is tax exempt. This I can't wait to hear. Your entire village awaits your explanation.You are so right! So go back to your village!
Why don't you explain how reimbursement for psyche injuries is tax exempt. This I can't wait to hear. Your entire village awaits your explanation.You are so right! So go back to your village!
Once again, your definition of idiot is "one who is smarter than me" ...You're right about one thing. I posted nothing really except pointing out the obvious: You're an idiot who doesn't know what he's talking about. Google "origin of claim" and post back with results.
Yes, my particular case settled before the laws were modified in 1996, however, just recently, I was present during a mediation hearing in which a case settled by stipulation.Must have been before the law changes in 1996.
From the audit guidelines (Market Segment Specialization Paper) on settlements (at http://www.irs.gov/pub/irs-mssp/a9lawsut.pdf):
The professionals know the IRS is getting a reporting of the settlement and if the return reports less, there will be a letter audit. The response will be checked against the theory (from the same audit guidelines):
But, thanks for playing those who have opinions.
OP, read the MSSP as many of your issues are addressed there. I'd get a tax professional who will look at the facts as this is an area where the reporting will be checked and penalties will apply if the reporting is wrong.
Why don't you go study Workers Compensation Laws? Why do you think Workers Comp. Settlements are not taxable anywhere? It is because compensation for injuries sustained either physically or emotionally aren't considered taxable income.Why don't you explain how reimbursement for psyche injuries is tax exempt. This I can't wait to hear. Your entire village awaits your explanation.
Maybe ... but its easier to just say "village idiot" than it is to do actual research ... to be ignorant or stupid??? Ignorance has its bliss I guess ......maybe the experts on this forum should do a bit more research ....
I heartily agree with you.Maybe ... but its easier to just say "village idiot" than it is to do actual research ... to be ignorant or stupid??? Ignorance has its bliss I guess ...
I guess if the language of a settlement agreement is not determinative, then settlement agreements should not exist!The wording of the settlement agreement is NOT determinative. Have you not read what the PROFESSIONALS here have said?
Hmmm..."origin of claim" speaks about deductions concerning attorney fees.You're right about one thing. I posted nothing really except pointing out the obvious: You're an idiot who doesn't know what he's talking about. Google "origin of claim" and post back with results.
So as all settlement agreements should express, this one covers all possible aspects of your claim. The agreement doesn't pinpoint any one element of your claim but is meant to cover an array of circumstances involving the claim. Therefore, you should be safe in assuming there is no tax liability since compensation is for emotional distress/physical illness.by this paragraph in my settlement papers it will tell you what i was suing for:
(they are not admitting to guilt, but it shows discrimation for FMLA, emotional distress and physical illness)
in the settlement papers it indicates that they are not admitting to any violations or wrong doing. they also indicated that this release includes, but is not limited to, any claims under the fmla, any claims for any and all damages including damages for emotional distress and physicall illness; and/or any other statutory or common law claims, now existing or hereinafter recognized.
and to anyone that would rather bash people on here for leaving their comment or stating so in so is an idiot should take their opinions elsewhere. we are here for ADVICE and not bashing anyone! people are here to look for answers and to clog up someones response or question is so NOT NICE.
OP doesn't have a workers compensation claim and workers compensation is specifically referenced in tax law.Why don't you go study Workers Compensation Laws? Why do you think Workers Comp. Settlements are not taxable anywhere? It is because compensation for injuries sustained either physically or emotionally aren't considered taxable income.
And all this time I thought the smile on your face was due to gas.Ignorance has its bliss I guess ...
Someone has trouble connecting the dots.Hmmm..."origin of claim" speaks about deductions concerning attorney fees.
Oh you've proven that beyond any doubt.So who is really the idiot?
And as all TAX professionals have noted here, the settlement language is not determinative of anything. The people stating otherwise are those who's posting history indicates a distinct lack of knowledge on all things legal related.by this paragraph in my settlement papers it will tell you what i was suing for:
(they are not admitting to guilt, but it shows discrimation for FMLA, emotional distress and physical illness)
in the settlement papers it indicates that they are not admitting to any violations or wrong doing. they also indicated that this release includes, but is not limited to, any claims under the fmla, any claims for any and all damages including damages for emotional distress and physicall illness; and/or any other statutory or common law claims, now existing or hereinafter recognized.
You were given your answer several times.and to anyone that would rather bash people on here for leaving their comment or stating so in so is an idiot should take their opinions elsewhere. we are here for ADVICE and not bashing anyone! people are here to look for answers and to clog up someones response or question is so NOT NICE.
Unfortunately, I believe that the query does relate to the settlement agreement; why is the money being provided?And as all TAX professionals have noted here, the settlement language is not determinative of anything.