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Do I Owe Taxes On My Personal Injury Settlement?

Today, we're going to talk about taxes. Not just regular taxes, we're talking about taxes on your personal injury settlement. So, do you have to pay taxes on your personal injury settlement? We get asked this all the time and well, the short answer is no. But, I'm an attorney so I have to give you the typical lawyer answer, “well, it depends.” If you have a case and you settled for personal injury related to emotional distress or your medical bills, no, you don't have to pay taxes. It's your money. It's quote-unquote “free money.” There are a few exceptions to this, however. One exception is if you received money for lost wages. That is considered income just the same as your regular wages. You'll have to pay taxes on that. Generally, anything that covers your injuries does not count as income, and can not be taxed. That doesn’t mean there aren’t other exceptions of course. If you collected any interest on something that was considered income you will likely have to pay that as well. If you want to know more about your personal injury settlement and what you might owe taxes on, contact our office today. Give us a call today at (813) 871-1300, or visit MickeyKeenan.com. #PersonalInjuryAttorneyFlorida #CarAccidentAttorney #FloridaCarWreckLawyer