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I received a settlement in a class action law suit, actos

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medication that caused cancer. I...
I received a settlement in a class action law suit, actos medication that caused cancer. I had 3 operations and chemo to remove tumors in bladder. Is this a taxable settlement, the lawyers said i would not receive and tax forms.
Submitted: 1 year ago.Category: Legal
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11/13/2016
Lawyer: Ray, Lawyer replied 1 year ago
Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 43,394
Experience: 30 years in civil, probate, real estate, elder law
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

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Lawyer: Ray, Lawyer replied 1 year ago

No, here because the award was for physical sickness or damages (the bladder cancer and other serious maladies after long-term use of the medication that manifested) this is not taxable.

Here's how IRS puits it in publication 4345:

"If you receive a settlement for personal physical injuries or physical sickness and did not take an itemized deduction for medical expenses related to the injury or sickness in prior years, the full amount is non-taxable. Do not include the settlement proceeds in your income."

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Lawyer: Ray, Lawyer replied 1 year ago

According to the IRS, any lawsuit settlement proceeds that a court awards for physical illness or injury are non-taxable. This includes wrongful death settlements, since the damages are imposed due to a court’s finding that a third party is responsible for the physical illness or injury that resulted in death. To qualify for this exception, the settlement must be compensatory, meaning that it must be a form of compensation for the pain and suffering caused in the case.

No taxes here for this recovery here.

I appreciate the chance to help you today.Thanks again and the best here.

If you can rate 5 stars it is much appreciated.

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Lawyer: Ray, Lawyer replied 1 year ago
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Lawyer: Ray, Lawyer replied 1 year ago
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