I am going to receive a settlement from a auto accident.do I have to pay taxes on the settlement

If you are a resident of Florida, you do not have to report the settlement on your income taxes.  However, you do need to call Social Security and let them know of the settlement and follow whatever instructions they ask of you in providing documentation, etc., regarding the settlement.Are you receiving Medicare benefits, and have they paid any medical bills relating to the accident?  If so, you (or your attorney or the insurance company that is paying the settlement) need to contact Medicare BEFORE you get the settlement funds, because they are entitled to recoup some of the monies they paid on your behalf.  A Medicare Set Aside may also be necessary, which can be discussed in detail by calling our office.  This is VERY IMPORTANT!  You could possibly lose your Medicare benefits if you do not contact Social Security and Medicare.John W. Merting, EsquireLaw Offices of John W. Merting, P.A.Gulf Breeze, FL Office: (850) 916-9645Toll Free: 877-912-4100