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.
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