You do not need to report the income on your taxes.  As long as you did not claim a deduction for any medical expenses related to the injuries that you received the settlement on, the entire settlement is tax-free.

If you did claim a medical expense deduction for the expenses that you were later reimbursed for through the settlement, then you need to include the settlement income to the extent you deducted medical expenses.

If you need to pick up income because you deducted medical expenses then, From the Federal section select "Wages & Income."

Then, navigate to "Other Common Income" if you received a 1099-MISC.

If you did not receive a 1099-MISC, navigate to "Less Common Income" and select "Miscellaneous Income, 1099-A, 1099-C." Enter any taxable settlement proceeds there.

IRS Publication 4345 provides the most detailed information on the topic.

Just to clarify, if I received a 1099-misc for a settlement on pain and suffering and no previous medial expenses related to the injury were deducted, am I supposed to simply ignore the 1099-misc and not report it on TT?

Yes, ignore the 1099-Misc if the "pain and suffering" is from the physical injury.  Here is the link to the applicable IRS discussion. If it did not stem from the injury then here is link with instructions on how to enter in TurboTax.