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.
Washington Settlement Statement of Personal Injury Case and Receipt
State:
Multi-State
Control #:
US-PI-0019
Format:
Word;
Rich Text
Instant download
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Description
How to fill out Settlement Statement Of Personal Injury Case And Receipt?
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FAQ
If you receive payments for non-business purposes, such as personal injury or property damage (excluding inventory), you do not owe B&O tax on this income. This may also include certain insurance or other legal settlements.
Services to individuals and businesses ? things like haircuts, medical bills, consultant fees, etc. ? are not ?personal property,? and most services are not subject to sales tax.
Under the community property rule, your settlement can be subject to a 50/50 split between you and your spouse. However, California Family Code § 2603(b) provides an exception to the equal division doctrine. It states that a personal injury settlement should be awarded to the injured spouse.
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.
Settlements for automobile and property damages are not taxable, but there are exceptions. Like medical expenses, the IRS and the State of California consider these damages as reimbursement for a car or home previously paid.
Washington state does not have a personal or corporate income tax. However, people or businesses that engage in business in Washington are subject to business and occupation (B&O) and/or public utility tax. The business's gross receipts determine the amount of tax they are required to pay.
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.
¹ If you or a loved one are injured in a crash, you are entitled to pursue compensation. The average car accident settlement for a moderate injury claim in Washington is $25,181. Average payouts range from $6,827 for minor injuries to $489,887 for severe injuries.