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Is a Settlement Payment Taxable?

The IRS has a policy of not taxing personal injury settlement funds. Although these funds may be viewed as additional income in layman’s terms, the government’s more specific definition of taxable personal income does not include personal injury settlements. However, this may become more complicated if a person receives funds for back or lost wages, which can be taxable.

For more information concerning taxes and personal injury settlements, contact the Denver personal injury lawyers of Hull & Zimmerman, P.C., by calling (303) 423-1770 today.

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At Hull & Zimmerman, P.C., we are honored to help accident victims in their time of need, and take our responsibility as personal injury lawyers incredibly seriously. We know how important it is for victims to secure the full and fair compensation they need following a serious accident, and that is why we take a hands-on, personalized approach to every case we handle.

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