Statutory Guidelines [Appendix A(3) IRC 130] regarding certain personal injury liability assignments.
Connecticut Certain Personal Injury Liability Assignments IRS Code 130
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How to fill out Certain Personal Injury Liability Assignments IRS Code 130?
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Any amount received for agreeing to a qualified assignment shall not be included in gross income to the extent that such amount does not exceed the aggregate cost of any qualified funding assets.
Section 130(c) defines a qualified assignment as any assignment of liability to make periodic payments as damages (whether by suit or agreement) on account of personal injury or sickness (in a case involving physical injury or sickness) provided, among other conditions, the periodic payments are fixed and determinable ...
For purposes of this section, the term ?qualified funding asset? means any annuity contract issued by a company licensed to do business as an insurance company under the laws of any State, or any obligation of the United States, if? 130(d)(1)
Income tax exemption: Structured settlement payments?including growth?are 100% income tax-free. While lump sum cash settlements are income tax-free for physical injury cases, growth on funds placed in a traditional investment may be taxable.