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Are insurance settlements figured into annual income for tax purposes?


Asked by Orionsgirl at 12:48 PM on Dec. 30, 2010 in Money & Work

Level 31 (48,442 Credits)
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Answers (2)
  • No, my husband recieved a 60,000 settlement. He didn't have to pay taxes on it. His attorney told him. I also have recieved anually anuity from an accident when I was a child and have never paid taxes on it.

    Answer by Musicmom80 at 12:50 PM on Dec. 30, 2010

  • Wonderful, thank you. I was afraid we'd be kicked into a higher tax bracket and such this year.

    Comment by Orionsgirl (original poster) at 12:51 PM on Dec. 30, 2010