This form is a settlement statement provided by the attorney to the client detailing expenses and disbursements of client funds.
Connecticut Personal Injury Settlement Statement
State:
Multi-State
Control #:
US-PI-0228
Format:
Word;
Rich Text
Instant download
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Description
How to fill out Personal Injury Settlement Statement?
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FAQ
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.
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.
Statutes of Limitations for Negligence or Recklessness / Medical Malpractice: 2 years from when an injury is ?sustained or discovered,? not to exceed 3 years from the date of the act. Conn. Gen. Stat.
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.
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.
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.