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private settlement

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wintermute1001

Junior Member
What is the name of your state? California

Hello, I am a 21y old college student, doing my taxes to fill out my fafsa. Back in 2003 I was in a motorcycle accident. After pursuing for damages from the accident, the insurance company and I reached a private settlement. After paying Attorneys fees, and medical bills, i was left with ~11,000. Do i include this information in my tax return? I am unsure as to whether this counts as income or not. My main concern is that it would affect the grant money I recieve.

any advice would be greatly appreciated
thanks
 


LdiJ

Senior Member
What is the name of your state? California

Hello, I am a 21y old college student, doing my taxes to fill out my fafsa. Back in 2003 I was in a motorcycle accident. After pursuing for damages from the accident, the insurance company and I reached a private settlement. After paying Attorneys fees, and medical bills, i was left with ~11,000. Do i include this information in my tax return? I am unsure as to whether this counts as income or not. My main concern is that it would affect the grant money I recieve.

any advice would be greatly appreciated
thanks
Most likely the money si not taxable income....however take your paperwork and go get a consult with a local tax professional.
 

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