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Taxes on a lawsuit settlement in Pa.

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  • Taxes on a lawsuit settlement in Pa.

    I received a settlement check for $10,500. How much of that will be taken for taxes? Will it be taken off the top, or will it be factored into my income taxes for next year? (Pennsylvania)

  • #2
    It depends on what it is. For the most updated information you will need to ask a tax consultant. But the last I heard, is if it is for back-wages, it will be taxed as income (i doubt that would change). If it is for physical injury, that is NOT taxed. I am not sure about emotional/mental. That USED to be taxed. I am also unsure about punitive, but i THINK it is also taxed.

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    • #3
      I'll call a tax acct. But it's not for back wages and it's not for getting hurt...I don't know it's it's classified. Thanks for trying though!

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