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  • American injury claims

    I'm making a suit out of New York! for catastrophic injury claims does the federal or state government tax settlements ?
    Last edited by JamesMcM; 01-29-2016, 10:58 PM.

  • #2
    Originally posted by JamesMcM View Post
    I'm making a suit out of New York against GM! for catastrophic injury claims does the federal or state government tax settlements ?
    Yes, but you are canadian so I have no idea about how tax law affects you. I am sure you will pay the lawyers more then the government since most injury claims are done on a contingency basis. How is GM responsible for your injury?

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    • #3
      I don't know how that would work either! That's ridiculous that they tax catastrophic injury claims in Canada we pay no tax on any injury claim settlements. I don't think the government should be able to talk unless they plan on seven sending someone to give you a break from the chair every now and then you still have to pay healthcare like anyone else except you're more likely to be sick and have to use it, still pay taxes state taxes etc. that's ridiculous !

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      • #4
        My settlement wasn't taxed.
        "I have great faith in fools; self-confidence my friends call it." - Edgar Allen Poe

        "If you only know your side of an issue, you know nothing." -John Stuart Mill, On Liberty

        "Even what those with the greatest reputation for knowing it all claim to understand and defend are but opinions..." -Heraclitus, Fragments

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        • #5
          I'm pretty sure the federal govt doesn't tax personal injury settlements. As far as states go, it might be a state by state issue.

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          • #6
            Originally posted by Oddity View Post
            My settlement wasn't taxed.
            Justice!

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            • #7
              Originally posted by tarantella View Post
              I'm pretty sure the federal govt doesn't tax personal injury settlements. As far as states go, it might be a state by state issue.
              The feds didn't several years ago.
              I have had periodic paralysis all my life. I lost my ability to walk in 2011 beginning with a spinal block, which was used for a hip fracture caused by periodic paralysis.

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              • #8
                They don't even tax my disability insurance payments. I pay an effective rate of 0%, but get thousands back every year due to tax credits. That is completely stupid.
                "I have great faith in fools; self-confidence my friends call it." - Edgar Allen Poe

                "If you only know your side of an issue, you know nothing." -John Stuart Mill, On Liberty

                "Even what those with the greatest reputation for knowing it all claim to understand and defend are but opinions..." -Heraclitus, Fragments

                Comment


                • #9
                  Originally posted by Oddity View Post
                  They don't even tax my disability insurance payments. I pay an effective rate of 0%, but get thousands back every year due to tax credits. That is completely stupid.
                  Long Term Disability is paid with after tax dollars which is why the payout isn't taxed.

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                  • #10
                    Originally posted by t8burst View Post
                    Long Term Disability is paid with after tax dollars which is why the payout isn't taxed.
                    Indeed. I can't help but think it's a little dumb that I can pay no taxes and still get a $5-7,000 check from the government every year. Some years even more!! I'm the last person that needs it. It's nice, and useful, to be sure, but hardly "make or break". I guess I'm in a "cripple sweet spot" as far as tax code is concerned. Can't help but wonder how much more money the gub'ment is pissing away. Someone else earned my "refund" as income! Seems like straight up redistribution.
                    "I have great faith in fools; self-confidence my friends call it." - Edgar Allen Poe

                    "If you only know your side of an issue, you know nothing." -John Stuart Mill, On Liberty

                    "Even what those with the greatest reputation for knowing it all claim to understand and defend are but opinions..." -Heraclitus, Fragments

                    Comment


                    • #11
                      Originally posted by nonoise View Post
                      The feds didn't several years ago.
                      So now the Feds do tax personal injury settlements ?

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                      • #12
                        Originally posted by Oddity View Post
                        Indeed. I can't help but think it's a little dumb that I can pay no taxes and still get a $5-7,000 check from the government every year. Some years even more!! I'm the last person that needs it. It's nice, and useful, to be sure, but hardly "make or break". I guess I'm in a "cripple sweet spot" as far as tax code is concerned. Can't help but wonder how much more money the gub'ment is pissing away. Someone else earned my "refund" as income! Seems like straight up redistribution.
                        The way I have my proposed 'retirement' set up will be doing similar, maybe a bit off the SSDI stuff. But do tell, those credits, is that just EIC or something else? I'd like a preview to ponder

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                        • #13
                          Originally posted by Andy View Post
                          The way I have my proposed 'retirement' set up will be doing similar, maybe a bit off the SSDI stuff. But do tell, those credits, is that just EIC or something else? I'd like a preview to ponder
                          I do pay some tax on a % of my SSDI, but that reduces down to an effective rate of 0% after the typical deductions (4 kids, mortgage interest, medical, etc.). Credits are mostly child tax credits and medical. We try to spend money on whatever credits are available each year, something my wife (aka The Boss) keeps track of. Frankly, I don't do my own taxes so I'm not 100% sure. Don't feel like paying my CPA for a half hour to find out, but I'll check out my filing in a month or so and let you know. I don't income qualify for EIC, though. There's a big hold up on filing this year because the Obamacare tools don't have their shit together and none of the paperwork for deducting premiums has gone out yet! Still at least a month away, according to the folks at our plan. Ridiculous!
                          "I have great faith in fools; self-confidence my friends call it." - Edgar Allen Poe

                          "If you only know your side of an issue, you know nothing." -John Stuart Mill, On Liberty

                          "Even what those with the greatest reputation for knowing it all claim to understand and defend are but opinions..." -Heraclitus, Fragments

                          Comment


                          • #14
                            Thanks, gives me an idea. You want ridiculous...I cant file my state tax yet as the state's electronic filing website doesn't work this year. I guess they figure most might get a refund of some sort, so why not delay that and go dark. Gotta love broke IL.

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                            • #15
                              Originally posted by Andy View Post
                              Thanks, gives me an idea. You want ridiculous...I cant file my state tax yet as the state's electronic filing website doesn't work this year. I guess they figure most might get a refund of some sort, so why not delay that and go dark. Gotta love broke IL.
                              Cool. FYI, The Boss informed me that we DO receive the EIC! Since my LTD isn't considered taxable income the only thing they use to see if we should get the EIC is the portion of SSDI which is taxable, which does income qualify for the EIC. CPA certified 100% jacked up "loop hole". Living the dream. More like "in a dream". 'Bama Phones for everyone!
                              "I have great faith in fools; self-confidence my friends call it." - Edgar Allen Poe

                              "If you only know your side of an issue, you know nothing." -John Stuart Mill, On Liberty

                              "Even what those with the greatest reputation for knowing it all claim to understand and defend are but opinions..." -Heraclitus, Fragments

                              Comment

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