This form is to be used as an acknowledgement by client of settlement of the client's claim and as a reciept for the distribution of settlement funds.
Connecticut Settlement Statement of Personal Injury Case and Receipt
State:
Multi-State
Control #:
US-PI-0019
Format:
Word;
Rich Text
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How to fill out Settlement Statement Of Personal Injury Case And Receipt?
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FAQ
However, settlement amounts depend on the type of damages involved. For instance, in 2020, the average bodily injury claim was $20,235, while the average property damage claim was just $4,711. The type of injuries you incur can also impact your settlement amount.
The general rule is that lawsuit settlements are taxable, except in cases that involve an actual, physical injury (?observable bodily harm?) or illness that you suffered. In other words: personal injury settlements usually aren't taxable, while other types of settlements usually are.
Money you receive as part of an insurance claim or settlement is typically not taxed. The IRS only levies taxes on income, which is money or payment received that results in you having more wealth than you did before.
Separate Your Settlement: Keep all settlement money separate from other funds. This means you must deposit it in a completely different account from your savings, paycheck, an inheritance, or any other money you have. Set up a separate bank account where you keep settlement money and nothing else.
A structured settlement is an arrangement in which the settlement payment is paid out over time, rather than in a lump sum. This can help to avoid taxes on the settlement payment by spreading out the tax liability over a longer period of time.
Under 26 U.S. Code § 104(a)(2), compensation that you recover for your medical expenses for your physical injuries is excluded from your gross income and is generally not taxable by the IRS or the State of California.
So, to summarize, the general rule specific to personal injury claims is that the proceeds for compensatory damages are not taxable under federal or state law. This rule applies whether the claim was settled prior to or after filing a lawsuit, or whether the proceeds were awarded in a verdict following a trial.
Since these types of damages are meant to replace the income you would otherwise have earned from work and would have paid taxes on, they are considered to be taxable by the IRS and the State of California and will need to be reported.