Tax Liability for Birth Control Lawsuit Settlements
Many women took Yaz, Yasmin, and Ocella as a birth control medication under the advice and counsel of their physician. This drug was to provide birth control, moderate acne relief, and even to lessen the symptoms of PMS. However, the drug has been closely linked with extremely dangerous side effects.
Women who have suffered adverse health conditions due to these side effects may be able to gain financial compensation for related medical bills, pain and suffering, and other appropriate damages. Contact the Yaz side effect attorneys of Williams Kherkher today by calling 800-761-3187 for more information regarding your rights and options if you have taken Yaz and subsequently suffered a stroke or other health concern.
Taxes on Settlements
If an individual successfully pursues a lawsuit against a drug manufacturer, he or she may receive a significant amount of financial compensation. The tax code protects this money as a form of income. This means that recipients do not need to pay taxes on this money, with some rare exceptions. Compensation for the following will not be considered taxable income:
- Physical injuries (pain and suffering)
- Medical bills
- Lost wages
- Emotional damages
- Loss of consortium
Possible exceptions to this non-taxable status may include interest gained over time and punitive damages awarded. These will both be taxed by the government as if they were a regular form of income.
If you or someone you love has taken Yaz, Yasmin, or Ocella and suffered from the side-effects of the drug, there may be legal options available. To discuss your claim with an experienced legal advisor, contact the Yasmin side-effect lawyers of Williams Kherkher at 800-761-3187 today.