GeorgiaHoosier
New Member
My parents are about to get a pretty large settlement from a malpractice case.
They, and I, wonder about the tax ramifications of the initial lump sum or annuity payments over time.
The case is in IL, Peoria District.
My understanding is that the initial sum and/or payments from annuity are not generally subject to tax, but that monies derived from interest/investments will be taxable income.
Advice?
They, and I, wonder about the tax ramifications of the initial lump sum or annuity payments over time.
The case is in IL, Peoria District.
My understanding is that the initial sum and/or payments from annuity are not generally subject to tax, but that monies derived from interest/investments will be taxable income.
Advice?
