When tax season rolls around every year, many people question just what kind of income is considered taxable, and why. Those who receive a large personal injury settlement naturally will be concerned about whether or not they need to pay taxes on this large sum of money.
In the state of Washington, it’s not required that you pay taxes on your personal injury lawsuit. IRS publication 525 contains a comprehensive list about both taxable and non-taxable forms of income. In addition to personal injury settlements, the following forms of income are not taxable:
- employee wages and fringe benefits
- income from bartering, partnerships, S corporations, and royalties
- disability pensions
- life insurance proceeds
- welfare and other public assistance benefits
If you have any additional questions regarding what you need to know about receiving a personal injury settlement, contact Church & Page to schedule a free, no-obligation consultation regarding your case.
How Long Does It Take To Get A Settlement For A Personal Injury Lawsuit In Washington?
If you have been injured in an accident that wasn’t your fault, it’s understandable that you’d be left with a lot of questions. While you nurse your injuries and focus on healing, you likely have to spend some time away from work. This can bring about financial hardship for just about anyone. Victims of accidents like car accidents, motorcycle accidents, slip and falls and dog bites often wonder how long it takes to get a settlement for their Washington personal injury lawsuit, and there’s unfortunately no clear answer.
At Church & Page, our lawyers have taken on many different personal injury cases for Washington residents, each of them different. The length of time it takes to settle your personal injury lawsuit, and to receive your settlement, will vary greatly depending upon a handful of factors.
One main factor is the extent of injuries and the number of other parties involved in the accident. For example, car accident cases with a multi-car pile-up resulting in more than one injured victim simply have more documentation, evidence, testimonies and medical records to sift through. This can make the process of getting your settlement longer than normal. Sometimes, cases can take up to a year from the date of filing the case to settlement. In more favorable cases, the process can take as little as six months. In extreme cases, which are the minority, a personal injury lawsuit can potentially take two to three years to settle.
How Much Does It Cost To Speak With A Personal Injury Lawyer In Washington?
At Church & Page, we offer a free, no-obligation consultation to any accident victim in Washington in need of legal advice. Not all Washington personal injury lawyers offer a free consultation for accident victims, but we do. We understand that after a bad car or motorcycle accident, slip and fall, or dog bite, it can feel impossible to get back on your feet. That’s why your initial consultation, where we discuss your case, listen to what you’ve experienced, and create a plan for getting you the settlement you deserve, is free of charge.
What Kind Of Compensation Can I Get From A Personal Injury Lawsuit?
Those who have been injured due to someone else’s negligence or recklessness can talk to a lawyer about potentially filing a personal injury lawsuit. Accident victims who file a successful personal injury lawsuit case may receive compensation for the following damages:
- Medical bills: If you’ve been hurt because of someone else’s actions, you shouldn’t have to pay your medical bills all on your own. Our lawyers will fight for your right to medical bill compensation, which includes hospital visits, emergency room care, prescription medication related to the accident, physical and occupational therapy, and more depending on the nature of your injuries.
- Lost wages: Those who suffer injuries from a car accident need to take time off of work to heal, which can unfortunately result in financial hardship. As your personal injury lawyers, we’ll fight to get you lost wage compensation to make up for this missed money every week.
- Pain and suffering: Your post-traumatic stress, anxiety and depression following a bad accident are not to be overlooked. Our lawyers will factor in your emotional distress and defend what you’ve suffered before a judge.
- Wrongful death: No one should lose a loved one to an accident. Wrongful death compensation provides a settlement to the surviving loved ones of a victim of a fatal accident.
- Loss of consortium: Loss of consortium is intended to provide surviving spouses with monetary compensation to make up for the deprivation of the benefits of this family relationship.
- Property damage: If your car, laptop, phone or other important personal property was damaged in an accident, our lawyers will fight to earn you compensation for these damages.
Remember, per the IRS, compensation for these damages is not required to be taxed.