Is Compensation Taxable?

Whether or not a compensation sum is taxable can prove a serious concern for many individuals receiving a settlement or award from an injury lawsuit. In instances when the compensation results from injury, emotional suffering, or medical bills, the government will not tax these funds. However, if interest gathers from an award sum as part of a settlement, that interest can be taxed.

For more information regarding your options and legal rights, contact the Depakote attorneys of Williams Hart today at 800-761-3187. We can help you throughout the process, offering legal advice and assistance when you need it most.