So I'm trying to figure out the tax stuff because my mom's case might actually settle and I have no idea what that means for her financially. Like, is the whole amount taxable or just part of it? I've heard conflicting things from different people and I'm honestly tired of asking questions that make me feel stupid.
She's been through so much already with the EPP back in September and the chemo rounds, and now I'm supposed to understand tax law on top of everything else? I work full-time teaching fourth graders in Phoenix and trying to manage her care appointments and honestly some days I just sit in my car at school before I go home and cry because there's too much happening at once.
Anyone been through this who can explain it in plain English? Like what portion actually gets taxed versus what's considered non-taxable because it's for medical stuff or lost wages or whatever. And do we need to hire someone special to handle this or can our regular accountant figure it out.
Thanks for any help. I'm really trying to stay on top of things but this part feels impossible.