This form is a settlement statement provided by the attorney to the client detailing expenses and disbursements of client funds.
Washington Personal Injury Settlement Statement
State:
Multi-State
Control #:
US-PI-0228
Format:
Word;
Rich Text
Instant download
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Public form
Description
How to fill out Personal Injury Settlement Statement?
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FAQ
If you receive payments for non-business purposes, such as personal injury or property damage (excluding inventory), you do not owe B&O tax on this income. This may also include certain insurance or other legal settlements.
Services to individuals and businesses ? things like haircuts, medical bills, consultant fees, etc. ? are not ?personal property,? and most services are not subject to sales tax.
Since these types of damages are meant to replace the income you would otherwise have earned from work and would have paid taxes on, they are considered to be taxable by the IRS and the State of California and will need to be reported.
The benefit amount is 60 to 75% of the wage you were earning, depending on how many dependents you have. The minimum and maximum L&I can pay is set by the state legislature. You may have better options available - ask your employer if there are other jobs you can do to earn your wage or salary while you recover.
However, if an insurer awarded the settlement to you as a married couple, a judge may rule that the settlement is marital property. For example, if you and your spouse both sustained injuries in a car accident and won a settlement for your damages, Washington law may consider that settlement marital property.
¹ If you or a loved one are injured in a crash, you are entitled to pursue compensation. The average car accident settlement for a moderate injury claim in Washington is $25,181. Average payouts range from $6,827 for minor injuries to $489,887 for severe injuries.
Settlements for automobile and property damages are not taxable, but there are exceptions. Like medical expenses, the IRS and the State of California consider these damages as reimbursement for a car or home previously paid.