QUESTION
What taxes ( both Federal and Kentucky State ) am I responsible for when I receive an award from my lawsuit against a national drug company?
Asked on May 11th, 2012 on Products Liability - Kentucky
More details to this question:
Is this type of award considered an Inheritance and if not what kind of taxes would be due, if any? The money should be paid out sometime this year. Is this taxable income?
1 ANSWER
Catastrophic Injury Attorney serving Roseland, NJ
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John J. Ratkowitz
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You should ask the attorney who represented you in your claim to provide you with this information. Generally speaking, and personal injury actions compensation for pain, suffering and loss of enjoyment of life are not taxable while compensation that you receive for lost wages is.
Please note that by attempting to answer your question, I am not acting as your attorney. I will do nothing further to protect or preserve your interests in the absence of any additional discussion with you about this matter. John Ratkowitz, Esq. Starr, Gern, Davison & Rubin, P.C. 105 Eisenhower Parkway Roseland, NJ 07068 Office: (973) 830-8441 Cell: (732) 616-6278 Fax: (973) 226-0031 Email: jratkowitz@starrgern.com Skype: john_ratkowitz Web: www.starrgern.com
Answered on May 11th, 2012 at 1:42 PM