Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. is personal injury settlement disbursements taxabl

is personal injury settlement disbursements taxable for fed and california state on a 1040 return?...

60.1K

Verified Solution

Question

Accounting

is personal injury settlement disbursements taxable for fed and california state on a 1040 return? or is only the taxable part the part received after paying attorneys and medical fees?
recieved 230,000
attorney fees: 75,000
cost advanced by attorney: 11,000
medical deduction: 26,000
paid to me: 118,000
is the 118,000 to me nontaxable or taxable?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

If n 490 and p p hat 0 79 find the margin of error at...

Statistics
Q

A heavy rope, 60 ft long, weighs 0.8 lb/ft and hangs over the edge of a...

Basic Math
Q

Analyze the mechanicals' play of Pyramus and Thisbe. What costumes do the actors wear? How do...

Psychology
Q

Burns Corporation's net income last year was $97,400. Changes in the company's balance sheet accounts for...

Accounting
Q

Find the electrostatic force of interaction between two halves of a spherical conductor of radius...

Physics
Q

Jason hired a luxury car service. The service charges a fixed rate of $4.92, regardless...

Basic Math
Q

The graph 8 5 3 1 Determine the location of any critical values of g...

Calculus
Q

28 Determine the exact value of the cotangent of the quadrant angle undefined 0 1...

Algebra
Q

Mustang Motors. has the following assets, liabilities, revenues and expenses for the current year. The...

Accounting
Q

Kinkaid Company was incorporated at the beginning of this year and had a number of...

Accounting
Q

1 pts A high receivables turnover ratio indicates O a large proportion of the company's...

Accounting
Q

Seved Help Save & Exit Sut Handsome Rob provides transportation services in several western states....

Finance