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My minor daughter was killed in a auto accident do I need to

Customer Question
pay taxes on the insurance...
my minor daughter was killed in a auto accident do I need to pay taxes on the insurance settlement.
Submitted: 1 year ago.Category: Tax
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Answered in 2 minutes by:
3/31/2016
Tax Professional: Lev, Tax Advisor replied 1 year ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,159
Experience: Taxes, Immigration, Labor Relations
Verified

Sorry for you loss.

Do not include in your income compensatory damages for personal physical injury or physical sickness (whether received in a lump sum or installments).

That insurance settlement is NOT taxable.
Please verify that the insurance settlement is NOT reported on form 1099misc.

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Tax Professional: Lev, Tax Advisor replied 1 year ago

Sometimes payers report such payments on form 1099misc.

If that is a case - you woudl need to contact the payer and ask for correction.

That payment should NOT be reported.

Please verify that the insurance settlement is NOT reported on form 1099misc.

Otherwise - you are OK - and do NOT need to include that amount into your tax return.

Let me know if you need any further clarification this matter.

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Lev
Lev, Tax Advisor
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