Settlements

[Jenni_Pooh2]

What is the name of your state? California

I was injured at work and am now at the "tail end" of the comp claim. It is a large settlement, and because it is also an accumulative trauma accident, there are 4 comp companies involved. I am to receive the first settlement this month, $42K, but am unsure when I will receive the other three, nor do I know what those amounts will be. Will the settlement be taxable? If so, is it taxable to the year I actually received the money? The original accident/claim was in 1998.

 

[Arcari]

settlements

how did you come to know how much compensation you were going to receive from your first settlement? and how did you know when you will receive it? perhaps this is the same way you can get to find out when and how much your other settlements will be. through the Ins. Co? through your employers' attornies? if I were you and didn't have an attorney, I would ask this question to whoever I dealt with regarding the first settlement.

 

[Jenni_Pooh2]

I'll explain more.

I knew how much my settlement would be because I received a letter from my employers comp company saying how much it was. I knew when I would receive it because of the court date. I have since received all 4 settlements. I do have an attorney - but he is a workers comp attorney, not a tax attorney.

So my quesion still stands. Will this be taxable and if so do I claim it as income for this year?

 

[morona]

Response to tax

What is the name of your state? California

I was injured at work and am now at the "tail end" of the comp claim. It is a large settlement, and because it is also an accumulative trauma accident, there are 4 comp companies involved. I am to receive the first settlement this month, $42K, but am unsure when I will receive the other three, nor do I know what those amounts will be. Will the settlement be taxable? If so, is it taxable to the year I actually received the money? The original accident/claim was in 1998.

Hi-if your are paid money considered to be "back wages"-yes, it is taxable. If it is just the result of a claim settlement, there is no tax on a ca claim. Congratulations-I was declared 100% two years ago, and am still on my sixth delay waiting for State Fund to settle

 

[BWhitesides]

What about compensation in Louisiana???

I am going to receive a settlement from the Air Force for an Equal Opportunity Violation, which resulted in my untimely termination.

Would my settlement be subject to taxation?

Thank you.

Byron Whitesides
[email protected]