Springfield, MO 417-222-4878
Joplin, MO 417-222-4878

Is a Personal Injury Settlement Taxed?

Being involved in an accident is arguably one of the most stressful experiences
a person and their family can go through, especially when the injuries
are caused by another\’s negligence. If you are considering filing
a lawsuit or have recently won a settlement, you may have concerns about
the tax implications. When you are trying to recover compensation to cover
your medical bills and expenses, the last thing you should have to worry
about is your settlement being taxed.

In most cases, your settlement cannot be taxed. However, there are special
circumstances which can lead to you having to pay taxes on your settlement.
There are also situations where a portion of your settlement is taxable
and a portion is not. We aim to provide you with the information you need
to understand how your settlement will affect your taxes.

A few factors to consider about your personal injury settlement include:

  • Any funds given to you to cover expenses or related costs as a result of
    your injuries cannot be taxed. This includes legal bills, medical bills,
    and any type of recovery or rehabilitation costs.
  • Punitive damages you receive are most often considered taxable income.
    This includes compensation for pain and suffering, as well as damages
    for lost wages.
  • If you worked with a personal injury attorney on a contingency fee basis,
    the firm will take a small part of your settlement before it is given
    to you. Your funds will generally be put into a trust account.
  • There are laws in place which outline which parts of a settlement are taxed
    and which are not. However, the judge will make the final decision on
    exactly how much in taxes you will have to pay.

If you are looking for a personal injury attorney in Joplin and Springfield
to represent you, turn to
Johnson, Vorhees & Martucci for help. We can ensure you understand all aspects of your case and the
settlement you receive.

To request a free consultation, call us now at (833) 600-0125.

Car Accidents

Tonight\’s the night: Please be careful driving

It’s likely to be the biggest party of the year in Joplin tonight. Revelers will see 2014 out the door and usher in a brand new year at midnight. Unfortunately, it’s also one of the most dangerous nights of the year to be out driving, as intoxicated people get behind the wheels of autos and cause car accidents that leave people with serious injuries. A Missouri TV station reports that

Medical Malpractice

Monitoring medications reduces medical errors in children

As every Joplin parent knows, you’re going to worry whenever you take your child to a hospital. A parent worries about the illness or injury their child has, how painful the condition might be, how long recovery might take, and a host of other concerns. Parents might worry even more if they knew that a recent study at a prominent children’s hospital showed that medication errors affect nearly 6 patients

Car Accidents

Fourth of July DWI crackdown ready to roll

The Fourth of July holiday celebration is going to get off with a bang not far from us in Joplin. Just a short drive on Interstate 44 will take you to Lawrence County, where law enforcement officials are determined to do their level best to prevent car accidents caused by drunken drivers over the big three-day weekend. In fact, they’re going to begin the annual “Drive Sober of Get Pulled

Contact Us.

    Submitting the form is not necessarily establishing an attorney-client relationship