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What Part Of A Personal Injury Settlement Is Taxable? Have you ever received a personal injury settlement and wondered about Call us anytime for your free, no-obligation phone consultation by calling 617 338 7400, or you can email us at If the emotional distress is attributable to physical injury or physical sickness, those damages are generally not taxable and wouldn't require
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Damages for mental distress and emotional anguish are taxable unless received for a physical injury. What Do I Need to Know When Filing Taxes As a general rule, damages for emotional distress are subject to income tax. However, a careful analysis can result in the elimination of this tax. This is a video about How to Evaluate An Emotional Distress Claim? Navigating the complexities of Emotional Distress Claims?
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Section 104(a) specifically provides that settlement payments received in lieu of damages for emotional distress are taxable. If emotional distress causes you to be physically sick, that is taxable. The order of events and how you describe them matters to the IRS. If What Parts Of Your Personal Injury Settlement Are Taxable? Understanding the tax implications of a personal injury settlement is
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