If I receive a settlement, are the funds I receive subject to income tax?

A: No. According to Section 104 (a) (I) of the Internal Revenue Code, lifetime compensation for injuries and workers compensation awards are not taxable as income.

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Accidental Injury Advocates, Ltd.
507 E. Main Street
Suite K
Elizabeth City, NC 27907
Phone: 757-455-8889
Fax: 757-455-6757
Toll Free: 888-694-7994
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700 Newtown Road
Suite 11
Norfolk, VA 23502
Phone: 757-455-8889
Fax: 757-455-6757
Toll Free: 888-694-7994
Get Directions