Do I requirement to claim a settlement for bodily injury on my taxes?

I already filed my taxes. I got warning that I did not have to claim it since on the check stub it says it be for "bodily injury" however I know that lost wages was included in this amount. How does the IRS determine what paperwork is used for my taxes? And do I obligation to report this income?
Answers:
If you receive a 1099 - it will need to be reported

they have until Jan31 to postmark it - and Feb 15th for you to receive it

own agreat 2008!

why not do away with the IRS??
http://www.fairtax.org
If you got the money past Dec. 31, 2007 It goes on that year. After that date it will go on 2008 taxes. According to the IRS you call for to claim all income even unemployment.
the portion of your settlement that was for pain and suffering is not taxable. If you are not sure of the amounts speak to your attorney are the company that give you the check and ask them how did they break it down.

Check into this even if you do not receive a 1099 as you do not want this to come back at you in the adjectives. Source(s): I am a tax professional
Call the irs at 1-8OO-829-1040


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