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Suppose a infant dies through hospital neglect and the hospital's insurance company makes an out of court settlement to the adult siblings. Is the settlement taxable at the federal or state (Illinois) levels? Thanks.
I can't speak for Illinois, but it would be a settlement for personal physical injury or disease, and not taxable for the IRS.
And since Illinois "takes off" from AGI, ........
ChEAr$, Harlan Lunsford, EA n LA
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