No, you do not. You only pay taxes on income, and the money that you receive in a settlment is compensation for injuries suffered in the accident. Therefore, the money you receive in a settlement is exempt from income taxes. This is also true for Illinois worker's compensation claims .
Protecting Your Rights - Protecting You

Do I have to pay income taxes on my person injury settlement?

 

A: No, you do not.

You only pay taxes on income, and the money that you receive in a settlment is compensation for injuries suffered in the accident.  Therefore, the money you receive in a settlement is exempt from income taxes.

This is also true for Illinois worker's compensation claims.




The Law Offices of
Barry G. Doyle, P.C.
5215 Old Orchard Road
Suite 710
Skokie, IL 60077
Phone: 312.263.1080
Fax: 312.263.0153

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Chicago, Aurora, Rockford, Naperville, Joliet, Waukegan, Geneva, Sycamore, Woodstock, Kankakee, Morris, Ottawa; Cook, DuPage, Will, Lake, Winnebago, DeKalb, McHenry, Kankakee, Grundy, LaSalle, Peoria, McLean, Champaign, Tazewell Counties


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The Law Offices of Barry G. Doyle, P.C.
5215 Old Orchard Road
Suite 710
Skokie, IL 60077
Phone: 312.263.1080
Fax: 312.263.0153
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* By Appointment Only
5215 Old Orchard Road
Suite 710
Skokie, IL 60077
Phone: 312.263.1080
Get Directions

*By Appointment Only
35 East Wacker Drive
9th Floor
Chicago, IL 60601
Phone: 312.263.1080
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Offices

  • The Law Offices of Barry G. Doyle, P.C.
  • 5215 Old Orchard Road
    Suite 710
    Skokie, IL 60077
  • Phone: 312.263.1080
  • Fax: 312.263.0153
  • Get Directions
  • * By Appointment Only
  • 5215 Old Orchard Road
    Suite 710
    Skokie, IL 60077
  • Phone: 312.263.1080
  • Get Directions
  • *By Appointment Only
  • 35 East Wacker Drive
    9th Floor
    Chicago, IL 60601
  • Phone: 312.263.1080
  • Get Directions

Law Offices of Barry G. Doyle, Attorneys - Personal Injury & Property Damage, Chicago, IL

Barry G. Doyle
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