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Moi | I want to know if a law suit settlement is taxable or not? |
The settlement received was net of the attorney's fees and was for emotional duress on a sexual harassment case. The case was settled out of court. The harasser is in prison under a non related case for child porn and is under Megan's Law. The law suit cost me a promtion and probably any advancement ever within my company. I have very few out of pocket expenses and wanted to know if it is possable to deduct potential earnings lost due to the lawsuit black balling me. Of course this is assuming that the settlement is taxable and I will need to claim the deductions that I have. Any help or guidance would be appreciated.
Thank you! |
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Zelda
|
Since August 1996, punitive damages and awards for non-physical injuries such as emotional distress have been subject to federal income tax.
Compensatory damages — the amount awarded to offset a plaintiff's actual economic losses — are not taxable. |
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piper54alpha
 |
Ask your attorney! But, it varies from state to state. In Wisconsin for instance, no. The settlement is non-taxable, BUT any monies derived from the settlement, such as interest bearing accounts, CD's, mutual funds, or another investments you may use the money FOR, are taxable. Ask the attorney you used, and get a good accountant. Not a HUGE accounting firm either, just a reputable accountant. Ask around and you can find one you can trust. Check their record through your state's CPA association or you could be kissing that settlement good-bye!
In order to do anything about the damage the suit did to your career, you would likely have to go after the COMPANY the same way you did the harasser. That would be difficult to prove, and further damage your relations with your employer. My strictly NON-LEGAL advice to you would be to dust off the want ads and start looking for a new job. With people like that, why would you want to work there anymore? |
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wish4b17
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Yes it is taxable. Case like yours harassment, age discrimination, race discrimination, etc. are all taxable. You have to pay the taxes on any settlement recieved. The only cases you don't pay are if you got hurt physically, say a car crash. My dad won a case for age discrimination, he won but had to pay the taxes on his settlement as well as the lawyers!! LOL |
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Mr Sexy
 |
When an award is given by a judge, it is broken up into 2 pieces: compensatory damages (for missed time from work, etc.) and punitive damages (damages to set an example of the defendant). Compensatory damages ARE NOT taxable...punitive damages ARE taxable. |
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Gizmo
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Is taxable |
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extra_37
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Mr. Sexy got it backwards. Compensatory damages (lost wages) is taxable and punitive is not. The legal fees etc are not deductible. |
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Kenshin
 |
Go to the following IRS website:
http://www.irs.gov/pub/irs-pdf/p4345.pdf |
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stock_trade_expert
 |
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