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During this tax year I received payment as part of class action suit. Payment included gross wage, award and interest. What of this is reportable and where?
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February 14, 2020
10:45 AM
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Get your taxes done using TurboTax
For legal settlements and awards, the following is taxable:
- All interest on awards is taxable
- All punitive damages are taxable except in certain wrongful death actions
- Because the gross wages are replacing a taxable item, they are taxable
You can enter the settlement in Other Income. See these directions.
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February 14, 2020
11:24 AM