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Deductions & credits
Whether a lawsuit settlement payout is taxable depends on what the settlement represents.
I wasn't sure what this meant but now I finally understand. Yes, this was a refund of medical expenses already paid by me and no, I did not deduct the payments I made, as medical expenses on my taxes. Thank you so much for your time, care, and thoroughness.
March 7, 2024
6:19 AM