The 2019 tax season is upon us. For those who have received settlements or jury awards in personal injury claims, tax season can be confusing.
In this issue, the Alaska personal injury lawyers with Barber & Associates will explain how personal injury awards and settlements are treated by the U.S. tax code.
With tax season upon us, we’d like to take this opportunity to share with you just how a jury award or settlement from a personal injury suit will be looked at by the taxman.
Before legislation was changed in 1996, practically all personal injury settlements and jury awards were ruled to be non-taxable – meaning you didn’t have to pay taxes on what you were given or awarded.