Statutory Guidelines [Appendix A(3) IRC 130] regarding certain personal injury liability assignments.
Missouri Certain Personal Injury Liability Assignments IRS Code 130
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FAQ
Such periodic payments are excludable from the gross income of the recipient under paragraph (1) or (2) of section 104(a).
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.
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 ...
A qualified assignment is a formal arrangement wherein a defendant or its insurance company or other representative agrees to transfer their obligation to make future periodic payments to a third party (?an assignment company?). This is generally done using a uniform qualified assignment (?UQA?) document.
Rev. Rul. 85-97 - The entire amount received by an individual in settlement of a suit for personal injuries sustained in an accident, including the portion of the amount allocable to the claim for lost wages, is excludable from the individual's gross income.
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)
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 ...