There are a few exceptions to taxation on settlements.
If this was in connection with a personal injury lawsuit (car accident, slip and fall, etc.), it is not reported or taxable, whether lump sum or periodic payments. This isn't the forum to publicly share the reason for your settlement, but anything 1099-reportable would be with the wording of the settlement agreement. Hopefully, you have a copy, and there likely is law firm contact info in it which could expedite an answer.
Otherwise, though, the guidance from others about taxability is correct. And unless you have it in writing that it's not, I'd be wary of not reporting it.
