Settlement check question

[Sparker076]

What is the name of your state (only U.S. law)? Ohio, Franklin county.

Hi guys I am new here and trying to figure everything out, if anyone happens to know this answer I would greatly appreciate there input, I got a settlement check from progressive for my car that was deemed totalled. My question is do I have to report this on my taxes to state or federal and will it hurt my taxes? Also I am on welfare and I want to know if I have to report this and if I do will i lose my benefits? I have 2 children and my spouse and I now have to make extra trips to and from work because of only having one car and it is really putting a strain on the other vehicle which isn't in the best of shape to begin with I am by no means a rich person obviously but now out a car and using money from the settlement check of my totalled car to fix up my one remaining car I have left.

 

[Proserpina]

What is the name of your state (only U.S. law)? Ohio, Franklin county.

Hi guys I am new here and trying to figure everything out, if anyone happens to know this answer I would greatly appreciate there input, I got a settlement check from progressive for my car that was deemed totalled. My question is do I have to report this on my taxes to state or federal and will it hurt my taxes? Also I am on welfare and I want to know if I have to report this and if I do will i lose my benefits? I have 2 children and my spouse and I now have to make extra trips to and from work because of only having one car and it is really putting a strain on the other vehicle which isn't in the best of shape to begin with I am by no means a rich person obviously but now out a car and using money from the settlement check of my totalled car to fix up my one remaining car I have left.

Can you clarify which type of welfare?

 

[Sparker076]

Can you clarify which type of welfare?

I get Snap/EBt for food assistance and medical, I only make 8.00$ an hour and my spouse 9.10 or 9.25 I can't recall exactly I am really worried atm it is already hard enough

 

[latigo]

What is the name of your state (only U.S. law)? Ohio, Franklin county.

Hi guys I am new here and trying to figure everything out, if anyone happens to know this answer I would greatly appreciate there input, I got a settlement check from progressive for my car that was deemed totalled. My question is do I have to report this on my taxes to state or federal and will it hurt my taxes? Also I am on welfare and I want to know if I have to report this and if I do will i lose my benefits? I have 2 children and my spouse and I now have to make extra trips to and from work because of only having one car and it is really putting a strain on the other vehicle which isn't in the best of shape to begin with I am by no means a rich person obviously but now out a car and using money from the settlement check of my totalled car to fix up my one remaining car I have left.

Stop fretting! The settlement check simply replaces a former asset. It is doesn't represent income.

 

[LdiJ]

What is the name of your state (only U.S. law)? Ohio, Franklin county.

Hi guys I am new here and trying to figure everything out, if anyone happens to know this answer I would greatly appreciate there input, I got a settlement check from progressive for my car that was deemed totalled. My question is do I have to report this on my taxes to state or federal and will it hurt my taxes? Also I am on welfare and I want to know if I have to report this and if I do will i lose my benefits? I have 2 children and my spouse and I now have to make extra trips to and from work because of only having one car and it is really putting a strain on the other vehicle which isn't in the best of shape to begin with I am by no means a rich person obviously but now out a car and using money from the settlement check of my totalled car to fix up my one remaining car I have left.

The settlement money has no impact on your taxes at all. I do not believe that it impacts your welfare benefits either. The money is intended to provide you the means for alternative transportation.

 

[Sparker076]

Thank you guys I was really stressing I will take what you said and hope for the best.

 

[Sparker076]

The settlement money has no impact on your taxes at all. I do not believe that it impacts your welfare benefits either. The money is intended to provide you the means for alternative transportation.

I hope it doesnt affect them, I dont want a handout or anything but there are some months I simply wouldnt make it without.

 

[Sparker076]

Stop fretting! The settlement check simply replaces a former asset. It is doesn't represent income.

so it does not need to be reported, sorry at work as we speak lol, and missed this post.