QUESTION
Am I getting taxed on my money if I was born with bell’s palsy and I am now turning 18 and will be receiving my money?
Asked on Aug 12th, 2013 on Taxation - New Jersey
More details to this question:
I just wanted to know, when if I will be getting money deducted off of my lonesome.
2 ANSWERS
General Law Attorney serving Cherry Hill, NJ
at
Mark S. Cherry, Attorney at Law, PC
Update Your Profile
The principal would not be taxable if it was for pain and suffering. The earnings,( interest and dividends) would be taxable. You should receive a 1099 at year end for the allocation.
Answered on Aug 14th, 2013 at 3:50 PM
Bankruptcy Attorney serving Florissant, MO
at
Law Offices of Thomas Corcoran Phipps
Update Your Profile
If you are getting money from a trust, it should not be taxable to you. The trust should have paid any taxes.
Answered on Aug 14th, 2013 at 3:50 PM