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Table Of Contents
- Monsanto Roundup Lawsuit Settlement Update
- How Much Should I Expect From My Roundup Settlement?
- Are Lawsuit Settlements Taxable?
- Is a Settlement Considered Income?
- How Can I Avoid Paying Taxes on a Roundup Settlement?
- Do Roundup Settlement Payments Require 1099?
- When Can I Expect My Roundup Settlement Check?
- Receive a Free Legal Consultation
Monsanto Roundup Lawsuit Settlement Update
Monsanto / Bayer managed to settle the 100,000+ Roundup cancer lawsuits by negotiating block settlement arrangements with plaintiffs’ lawyers who have large numbers of cases in the litigation.
Although these settlements account for nearly 80% of all claims over Roundup herbicide, there are still at least 26,000-30,000 pending complaints, most of which were filed in state court. There are more than 4,000 additional claims in the MDL Roundup class action lawsuit pending in California.
Related Article: Roundup Lawsuits Update
How Much Should I Expect From My Roundup Settlement?
If you developed cancer after using or being exposed to Roundup or other glyphosate herbicides, you may be entitled to significant financial compensation for your injuries.
According to one report, the average payout for an individual who has been diagnosed with non-Hodgkin’s lymphoma or other cancers is between $5,000 to $250,000 in compensation. Another source claimed that the average amount per client suffering from cancer is $160,000.
Are Lawsuit Settlements Taxable?
The general rule for monies received from lawsuit settlements and other legal remedies is Internal Revenue Code (IRC) Section 61, which states all income is taxable from whatever source derived unless exempted by another section of the code.
Is a Settlement Considered Income?
Settlement money and damages collected from a lawsuit are considered income, which means the IRS will generally tax that money. However, personal injury settlements are an exception.
How Can I Avoid Paying Taxes on a Roundup Settlement?
Spreading payments over time may help you avoid paying higher taxes from a Roundup settlement. Receiving a large, lump sum settlement can bump your income into a higher tax bracket. By spreading your settlement payments over multiple years, you can reduce income that is subject to the highest tax rates.
Do Roundup Settlement Payments Require 1099?
The IRS requires the payer to send the recipient a 1099-MISC, as long as the settlement meets the following conditions: The payee received more than $600 in a calendar year. The settlement money is taxable in the first place.
When Can I Expect My Roundup Settlement Check?
Settlement checks from Roundup cancer lawsuits are usually mailed within one month after you submit the release form to the insurance company.
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See all related product liability lawsuits our attorneys covered so far.
Receive a Free Legal Consultation
If you have developed cancer as a result of glyphosate exposure, then contact Schmidt & Clark, LLP today for a free case evaluation.
All lawsuits are different, and it’s important to ensure you have a law firm by your side that has the experience to frame the legal argument and ensure you get the best possible payout.
Talk to our personal injury lawyers today, and let us take away all the stress so you can deal with your medical treatment.
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