Are settlements subject to federal income tax?

Answer If you received a legal settlement as the direct result of a physical illness or physical injury, it is not subject to being taxed. However, if you received a settlement for other reasons, such as ... Read More »

Top Q&A For: Are settlements subject to federal income tax

Is money from Ebay subject to federal income tax?

Money from Ebay is subject to federal income tax because it is a financial gain or income source. Selling occasionally on Ebay in a manner similar to holding a garage sale is generally exempt from ... Read More »

Is worker's compensation subject to federal income tax?

According to the IRS website, the Internal Revenue Service does not consider worker's compensation as taxable income, even if received by a worker's survivors. However, this does not apply to retir... Read More »

Are Social Security benefits subject to federal& state income tax?

Social Security benefits may be subject to federal income taxes if your income exceeds the threshold for your filing status, which adjusts annually for inflation. Some states tax Social Security be... Read More »

Are insurance settlements taxable income?

Insurance settlements are typically not considered to be taxable income. The settlement amount would only be taxable if you made a profit on the transaction, as in the case in which payments receiv... Read More »