Statutory Guidelines [Appendix A(3) IRC 130] regarding certain personal injury liability assignments.
Ohio Certain Personal Injury Liability Assignments IRS Code 130
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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 ... 201435006 - Internal Revenue Service IRS (.gov) ? pub ? irs-wd IRS (.gov) ? pub ? irs-wd PDF
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. Tax-Free Income with Competitive Returns: Why Your Clients Need to ... sagesettlements.com ? blog ? december ? ta... sagesettlements.com ? blog ? december ? ta...
Such periodic payments are excludable from the gross income of the recipient under paragraph (1) or (2) of section 104(a).
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. 26 U.S. Code § 130 - Certain personal injury liability ... LII / Legal Information Institute ? ... ? PART III LII / Legal Information Institute ? ... ? PART III