Is it true that when an insurance company pays you for lost wages and bodily injuries that they are to hold back 20% of the total amount settled upon ? And if so what is it for ? The USAA adjuster could not tell me for some strange reason. Quite truthfully I am beginning to lose it bigtime with these [bleep] !
Thanks,
Lynn
I don't know the answer to this. If it is lost wages then it stands to reason that your wages are taxable so this payment may well be taxable. Somebody else will have to provide the answer to this. Sorry.
Lost wages paid are a taxable event and are to be included just as though they were regular wages.
Does the problem extend beyond that, Lynn?
I don't know the answer to this. If it is lost wages then it stands to reason that your wages are taxable so this payment may well be taxable. Somebody else will have to provide the answer to this. Sorry.
It is lost wages and bodily injury, pain and suffering. She said it is not for taxes, just something they do, and she doesn't know why. I was mad, but instead of blowing I just said I would get back to her tomorrow to continue the conversation.
Are there any liens against the settlement?
Is USAA paying your claim from an incident that occurred while you were visiting the US?
Why did you only ask them 3? I ain't everybody.
BTW I don't have a clue. Sorry.
Are there any liens against the settlement?
No Sir, not a one....
Are there any liens against the settlement?
Is USAA paying your claim from an incident that occurred while you were visiting the US?
Yes, while I was staying there, it occurred on June 11, 2012, in the state of Alabama.
sombody slipp on chjicken blod at wallmart an nest think tehy r gunna be a gazillioner. old gal lisa proctXXX (i preserf her ananominity] }did saym an she got her a 01 lexxis she blowd th rest on gorgia lotto tix
had to fix my bad
Are there any liens against the settlement?
Is USAA paying your claim from an incident that occurred while you were visiting the US?
Yes, while I was staying there, it occurred on June 11, 2012, in the state of Alabama.
===============
Could it have something to do with Canada mandates and USAA is simply complying with the laws of your country?
The USAA adjuster could not tell me for some strange reason.
Did you ask to speak with that person's supervisor?
My guess it's some sort of protection (believe it or not) from dual taxation on that portion of the award/settlement that might be a taxable event.
The USAA adjuster could not tell me for some strange reason.
Did you ask to speak with that person's supervisor?
Call USAA, talk to their settlement(?)claims(?) dept, and keep going up the food chain until you get an answer.
Then, ask for the explanation in writing.
The USAA adjuster could not tell me for some strange reason.
Did you ask to speak with that person's supervisor?
No Sir, but I will tomorrow morning....
USAA is one of the US of A's very best insurance organizations Lynn. I'm with them myself. I'm sure you'll have a perfect understanding of what occurred before you finish with your morning calls.
If you run into any jams,PM me to let me know and I'll see what I can find out for you.
No ideas, but someone in the ladder obviously should know. With no issues, is one expected to recover it at a later date?
Also, make sure one is not taxed for that sum until is passes through youre account.
I know there are circumstances where withholding taxes are required but in this case ... I dunno. I found this while searching the innanet.
http://answers.yahoo.com/question/index?qid=20060805190105AAx9AQiIRS rules are a teensy bit complicated
on this subject and a brief search didn't give any complete answers. When you factor in residing in the US and Canada it becomes even more complex.
A written statement from USAA would be the first step, AFAIK.
I found this while searching the innanet.
That's helpful. I hear there is no internet in Canada yet.
The USAA adjuster could not tell me for some strange reason.
Did you ask to speak with that person's supervisor?
No Sir, but I will tomorrow morning....
step 1, IMO.
My sister works there. I will present your question to her.
BP...
I found this while searching the innanet.
That's helpful. I hear there is no internet in Canada yet.
They got it. It's only dial-up through AOL though.
I found this while searching the innanet.
That's helpful. I hear there is no internet in Canada yet.
That's not true, if we can keep the beaver thawed out, off the beer and on his wheel, we got innanet, Eh ?
I can bust a few knee caps and get you full payment... for 10%
My sister works there. I will present your question to her.
BP...
Thank you ever so much, I would appreciate that
I can bust a few knee caps and get you full payment... for 10%
Your on !
If a third party paid your lost wages and medical expenses (your employer, for example) In some situations, if you get an insurance settlement, you have to reimburse these people out of the settlement you get.
I don't know if the above is the law or not, but I know someone who was in a similar situation and had to pay back her lost wages because the during the time she missed work, her employer paid her salary.
This could be a similar situation to yours', and the insurance company is holding back a certain amount to pay your employer back, and to pay your medical expenses, if your own insurance company paid for your treatment.
I don't know any of this to be a fact, but it could be an explanation.
if there's no intervention out there from some unpaid provider, it almost has to be some tax issue, Lynn.
let us know what the supervisor says.
I found this while searching the innanet.
That's helpful. I hear there is no internet in Canada yet.
That's not true, if we can keep the beaver thawed out, off the beer and on
his her wheel, we got innanet, Eh ?
Change a couple of letters and the whole meaning gets twisted, Eh?
I found this while searching the innanet.
That's helpful. I hear there is no internet in Canada yet.
That's not true, if we can keep the beaver thawed out, off the beer and on
his her wheel, we got innanet, Eh ?
Change a couple of letters and the whole meaning gets twisted, Eh?
Some day, you and I, in person, and WOW, it's gonna be cosmic !
Don't sign a release until you get ALL of it.
That's not true, if we can keep the beaver thawed out, off the beer and on his her wheel, we got innanet, Eh ?
Change a couple of letters and the whole meaning gets twisted, Eh?
Some day, you and I, in person, and WOW, it's gonna be cosmic comic !
It only took one letter this time.
Don't cash the check as in a lot of instances that will count as you accepting the terms of the settlement.
Don't cash the check as in a lot of instances that will count as you accepting the terms of the settlement.
I found this while searching the innanet.
That's helpful. I hear there is no internet in Canada yet.
They got it. It's only dial-up through AOL though.
Good Gawd, man!!!
... if we can keep the beaver thawed out, ...
Wow, there's a straight line.
Takers?
.................................................
"We"?
As others have suggested, ask to speak to a supervisor and request an explanation of the 20% haircut on the settlement. If there are no liens to satisfy, it's likely a tax issue.
It's possible that they are taking the position that you are 20% at fault for the accident, some carriers often take aggressive positions on liability regardless of whether there is any evidence to support the position. However, in that instance you would expect the adjuster to articulate that in settlement negotiations, not after a settlement amount has been reached, so I find that scenario to be unlikely.
Let us know what you learn from a supervisor Lynn, and make sure to give 'em all the hell they want plus some.
In over 99 % of civil accidental tort cases for a bodily injury case in all 50 states....
NO
... if we can keep the beaver thawed out, ...
Wow, there's a straight line.
Takers?
.................................................
"We"?
Ain't gonna touch that with a 10' willow.
Don't sign a release until you get ALL of it.
Absolutely the plan !
... if we can keep the beaver thawed out, ...
Wow, there's a straight line.
Takers?
.................................................
"We"?
It took mucho restraint.
Cluck, cluck, cluck.
There may be more information re: the beaver tomorrow.
Well, I talked to the adjuster and her supervisor, they both say the 20% is what they believe would be the taxes I would pay on the amount of wages loss I claimed. Apparently they are not responsible for paying me the tax portion of my gross wages. They are sending me a copy of their company policy on this issue, and a letter stating that this is a common practice of USAA's for 20 years.
Letter should be here Tuesday, between now and then there is more to deal with, and some extensive reading and study to do in connection with bodily injury. That or just hand it over to a lawyer.
*Note: As our onversation ended she said she was going to make me her final offer which was $2,700.00 more than the one the day before.
Maybe you can get more (maybe a lot more) if you do hire a lawyer. Just a thought.
Maybe you can get more (maybe a lot more) if you do hire a lawyer. Just a thought.
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Less 1/3rd-40% and a good chunk of time and aggravation. Make sure you weigh it all before deciding it's worth fighting over.
Maybe you can get more (maybe a lot more) if you do hire a lawyer. Just a thought.
Maybe you can get more (maybe a lot more) if you do hire a lawyer. Just a thought.
-------------
Less 1/3rd-40% and a good chunk of time and aggravation. Make sure you weigh it all before deciding it's worth fighting over.
This is excellent advice, Lynn. When you roll the dice it ain't always a smart move.
Well, I talked to the adjuster and her supervisor, they both say the 20% is what they believe would be the taxes I would pay on the amount of wages loss I claimed. Apparently they are not responsible for paying me the tax portion of my gross wages. They are sending me a copy of their company policy on this issue, and a letter stating that this is a common practice of USAA's for 20 years.
Letter should be here Tuesday, between now and then there is more to deal with, and some extensive reading and study to do in connection with bodily injury. That or just hand it over to a lawyer.
*Note: As our onversation ended she said she was going to make me her final offer which was $2,700.00 more than the one the day before.
They will send the appropriate form as the 20% withheld as tax paid? To whom (which country) will USAA pay the 20%?
Well let's see...hmm...it maybe 20% that the employer pays on your behalf for FICA etc. Is the amount you're getting close to what your net paychek is after FICA witholdings?
Crude example: Gross pay is $1,000 a week. After FICA witholdings your actual paycheck is $800. Since the insurance payment is not subject to FICA they figure you are "whole" at $800....your take home is the same as if you had worked.
Just a guess and maybe way off base. At any rate, good luck!