Settlement Calculation Summary Sheet

Enter Your Calculation Results

Date

Case Type

State

Settlement Breakdown:-

Gross Settlement Amount

Attorney Fees

Federal Tax Estimate

Settlement Amount

State Tax Estimate

Net Settlement Amount

Your Inputs:-

Settlement Amount

Attorney Fee

Lawsuit Status

Tax Treatment for Your Case Type:-

Case Type

Tax-Free Settlement Taxable Settlement

Important Tax Notes:

Questions to Ask Your Attorney

About Your Case:

Is my settlement likely tax-free or taxable?
What is your actual fee percentage?
Are there any additional costs or fees?
How long might settlement negotiations take?
What are the potential trial outcomes if we don't settle?

About Settlement Structure:

Should I consider a structured settlement?
How will taxes be handled if I receive payments over time?
Are there tax advantages to different settlement structures?
What about Medicare Set-Asides or other special accounts?

About Timing:

When should I expect settlement payment?
How will taxes be paid on the settlement?
Should I make estimated tax payments?
How will this affect my other income taxes?

Questions to Ask Your Tax Professional

About Tax Treatment:

Is my settlement taxable or tax-free?
How should I report this on my tax return?
Are there any deductions I can claim?
What tax forms will I need?

About Payment Timing:

When are taxes due on the settlement?
Should I make quarterly estimated payments?
How will this affect my overall tax situation?
Are there any tax planning strategies I should consider?

About Future Implications:

Will this affect my ability to get a mortgage?
Should I consider retirement planning with this money?
Are there any gift tax implications?
How should I invest or save this money?

⚠️ Important Reminders Before Signing Any Settlement Agreement

Key Documents to Keep

Settlement agreement

Attorney fee agreement

Tax documents from settlement

Bank records of payment

Any 1099 forms received

Contact Information

Your Attorney:

Name

Phone

Office

Your Tax Professional: