What taxes need to be paid on a lawsuit settlement?
I need to come up with a figure regarding a settlement with an insurance company because of a permanent debilitating injury to myself. The question is about how much I should expect to pay in taxes. (If it matters, I live in the state of Pennsylvania, in Pittsburgh.) If I am looking to have somewhere between $1 and $5million in my pocket (well, bank) after the lawyer gets 40%, what should I take into consideration for taxes? Are taxes paid befor... Read More
