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About Jay Allen Finn, CPA
Expertise
IRS Audits. All Collection Tax problems; specifically but not limited to, delinquent returns, bank levies, liens, garnishments of wages, Also specializing in Offer in Compromise. Limited to 1040/ personal tax issues
Experience
27 years experience as a CPA in the IRS defense area following a position as an IRS Auditor in the oil and gas industries.
Organizations
Texas Society of Certified Public Accountants (Peer Assistance Committee), Houston Chapter of the Texas Society.
Publications
Submit your articles.com
Education/Credentials
BBA - Bachelors of Business Admin., Magna cum laude, Series 6 and 68 - Registered representative, Series 65 - Financial planner.
Certified Public Accountant
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You are here: Experts > Business > Corporate Law > Tax Law (Questions About Taxes) > Tax on a Structured Settlement
Expert: Jay Allen Finn, CPA
Date: 7/18/2008
Subject: Tax on a Structured Settlement
Question
Hello. I have a structured settlement and I am selling it to a company that buys these annuities. In the contract I'm signing, it is advised that I contact a tax attorney. When I asked if I paid taxes on the money that will be given to me in return for my settlement, the company said no and they also said I would not pay taxes on the money at the end of the year. Is this correct?
Answer
Hi,
We need to determine if your original annuity or structured settlement is a taxable annuity; thereby, pre-tax before you receive it? In other words has any tax ever been paid on it and was it given as a taxable settlement.
If it was then the settlement is also taxable. You shouldn't need to pay a tax attorney for that.
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