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niblic8
Oct 20, 2007, 10:10 AM
What is my income tax liability after receiving an insurance settlement from a car accident and then using almost all of it to pay all the bills?
AtlantaTaxExpert
Oct 20, 2007, 04:22 PM
It is likely that the insurance settlement is compensatory in nature.

If so, then NO taxes should be due, UNLESS you are being compensated for lost wages, then the normal range of FICA and income taxes are due.