turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

taxq_2023
New Member

Tax treatement for Qualified Settlement Fund

I received a settlement check and the letter reads The Settlement Fund is a "Qualified Settlement Fund" as defined in Treas Reg Section 1.468B1 through 5. The claims upon which the litigation was based involved allegations of violations of antitrust laws. 

 

1) Am I supposed to receive some form of 1099 for such settlements?

2)  How is the taxation for such income treated? Where do I enter them in turbo tax?

 

Thanks in advance for your help with my questions.

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
PatriciaV
Employee Tax Expert

Tax treatement for Qualified Settlement Fund

1. You may or may not receive Form 1099-MISC for the settlement payment. If the settlement check included contact information, you may wish to contact the payor to confirm.

 

2. Unless the settlement was personal physical injury or medical expenses, the gross amount is taxable. You would generally report this as Miscellaneous Income.

 

The easiest way to find this section of TurboTax is to open your return and use the Search box at the top right side of the TurboTax header. Click on the magnifying glass, type in "Miscellaneous Income", hit Enter, and click on "jump to Miscellaneous Income" to go directly to beginning of this topic.

 

Or go to Tax Tools >> Tools >> Topic Search. Type in "Miscellaneous Income", then click the topic in the list to go directly to the start of this section.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies