Louisiana Law | Louisiana Law Topics | General LA law (Moderator: lex) | Personl Injury Award/IRS
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Site Author : Topic: Personl Injury Award/IRS  (Read 424 times)
January 14, 2010, 09:57:09 AM
Mace
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I tried asking about a dishonorable discharge and didn't get a single reply but that's OK.  It really isn't that important anyway. 

My question today is about filing  state/federal income taxes.  I accepted a personal injury award for an injury received in an accident.  When filing my taxes this year, will this be considered income and is it taxable? 

I am a resident of Louisiana and the accident occurred in Louisiana.

Thank you kindly and in advance.  Mace
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January 14, 2010, 06:28:17 PM
lex
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In general terms, any part of any award that is intended to compensate for pain and suffering is tax free while any part of an award that is intended to reimburse you for lost income would be taxable as regular income.

Hopefully, your judgment spells out what is pain & suffering and what is not.
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