QUESTION

Do I need to report this as income on my taxes?

Asked on Feb 23rd, 2016 on Personal Injury - Kentucky
More details to this question:
In 2014 I was approved for LTD, than 4 months later this decision was reversed as result I hired a lawyer. The company stood their ground but after multiple attempts, paperwork etc they offered to pay me to settle this issue which at the time I had to in order to live, pay bills. I settled, the check was made out to both my lawyer and I. Than my lawyer wrote me a check. Am I liable for the entire amount or can I claim mental distress, which is totally true, avoiding taxation. What I had to endure with their reversal of the decision, resulted in extreme digress hence I would have gone before an ERISA judge
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1 ANSWER

Personal Injury Attorney serving Cincinnati, OH
2 Awards
There are many, many LTD plans out there.  Some are taxable while others are not. This is a question that you should direct to your attorney that settled your claim.
Answered on Feb 24th, 2016 at 10:36 AM

Answers do not constitute legal advice and do not create an attorney/client relationship. Call to discuss your particular legal needs.

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