- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Hi Dave 991,
Yes, you are correct that, in general, proceeds received for physical injuries or physical illness are tax free; Other awards are taxable.
You should receive a Form 1099-Misc reporting any taxable amount for tax year 2022. When entering 1099 Misc into TurboTax, if you answer entry questions correctly "The money was from a lawsuit settlement", "It was not back wages, the amount will flow to "Other Income."
Hope the above helps.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎June 8, 2022
10:25 AM
1,022 Views