To: rawhide
My call: She'll get every dime of the $100,000.
Except of course, for the one third that will go to her lawyer and the additional percent that the IRS will reap.
To: Semper911
Except of course, for the one third that will go to her lawyer and the additional percent that the IRS will reap.Please note that the IRS will tax the entire $100,000, not just the $66,666.66 she will see. So subtract another $25,000 or so from her award.
27 posted on
06/23/2005 11:17:02 AM PDT by
boojumsnark
(Time flies like an arrow; fruit flies like a banana.)
To: Semper911
Except of course, for the one third that will go to her lawyer and the additional percent that the IRS will reap. And if I remember correctly, income taxes are paid on the FULL award, not net after lawyers get their cut. So at the end of the day, she is looking at having about $30K of the $100K.
28 posted on
06/23/2005 11:17:52 AM PDT by
Phantom Lord
(Fall on to your knees for the Phantom Lord)
To: Semper911
The only time I received a court award, resulting from a vehicle collision case, I discovered the amount was not taxable. Where did you get your information that it's taxable?
If she had actually received $100,000 from the radio station's contest, that would certainly be taxable income, but I don't think a court awarded amount is.
But I could be wrong, I suppose.
37 posted on
06/23/2005 11:37:17 AM PDT by
savedbygrace
("No Monday morning quarterback has ever led a team to victory" GW Bush)
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