by Structured Settlement Watchdog
“Do I have to pay taxes on my structured settlement?” asks the Orlando company behind Structuredsettlements.com
The short answer is typically no.
StructuredSettlements.com's scantily furnished support immediately follows
"The tax status of your structured settlement payments is set when your settlement issuing company structures the settlement and rarely changes".
What's Wrong Wit Dat?
- Settlements are a form of compromise
- Settlements aren't issued, they're negotiated.
- Structured Settlements arent' issued, they're negotiated
- Life insurance companies issue annuities
- Life Insurance companies issue structured settlement annuities
- Structured settlement annuties are a qualified funding asset used to fund structured settlement obligations
- Annuities are are a regulated insurance product
- Settlements are not a regulated insurance product.
- Life insurance companies do not issue settlements
- Life insurance companies do not structure settlements
- The taxation of structured settlement payments is based on the damages that the payments represent, as set forth the settlement agreement between the parties and the qualified assignment.
Structured settlements.com then becomes further unmoored
"Money you receive from a personal injury or medical event isn’t considered income and so it isn’t taxed like income, according to Section 104(a)(2) of the Internal Revenue Service’s code."
What's Wrong Wit Dat?
- The term "medical event" does not appear anywhere in IRC 104(a)(2). An accumulation of gas in the alimentary canal is a medical event. Wine and cheese will be served.
- The Internal Revenue Service does not have a code. The Internal Revenue Code (IRC), formally the Internal Revenue Code of 1986, is enacted by Congress and amended from time to time. It is the dometic part of federal statutory tax law in the United States, published as Title 26 of the Unied States Code. The Internal Reveneue Service is the federal agency that implements the Internal Revenue Code
Structuredsettlements.com is a shill for CBC Settlement Funding, a structured settlement factoring company in Conshocken, PA. It and its sister website Annuity.org continue to pump out inaccurate content, is and has been prone to unreliable in my opinion. They mess up the basics and dont seem to care about accuracy depite posting editorial standards.
For more accurate resources check with people who are Certified Structured Settlement Consultants, Master Structured Settlement Consultants or Registered Settlement Planners.