So Joe's lawyer mentioned something about taxes on the settlement and I completely blanked on the details, which is so typical of me because I taught high school for 32 years and never had to think about this stuff. Anyway now I'm wondering if we're gonna owe the IRS a chunk of whatever we end up getting or if settlements are treated differently.
I know there's a difference between like, pain and suffering versus lost wages or something, but honestly it's all kind of a blur right now. The oncologist appointment was yesterday and we're still processing all of that so my brain is just fried and I didn't want to bug the lawyer again when he probably has a million other clients.
Has anyone actually gone through settlement and dealt with the tax side of it? Like do you find out what you owe before they cut the check or is it something you deal with at tax time? We're trying to plan ahead a little bit but I don't want to make assumptions about numbers...
What was your experience with this?