https://ttlc.intuit.com/community/taxes/discussion/re-lawsuit-settlements/01/3074303#M1123620 <P>Hello Ruub12,&nbsp;</P> <P>&nbsp;</P> <P>Thank you for joining us today!&nbsp;&nbsp;</P> <P>It really depends on what the<A href="https://www.longtermcareinsurancesettlement.com/Content/Documents/BDP%20Decl%20EX%20B%20Settlement%20Agreement.pdf" target="_blank" rel="nofollow noopener noreferrer" data-di-id="di-id-cae1dcd1-98ae8e60"><SPAN>&nbsp;</SPAN>settlement</A><SPAN>&nbsp;</SPAN>was for. &nbsp;If it was for<SPAN>&nbsp;</SPAN><A href="https://www.genworth.com/dam/Americas/US/PDFs/Consumer/Forms/40%20-%20Genworth%20Reimbursement%20Insert%202012.pdf" target="_blank" rel="nofollow noopener noreferrer" data-di-id="di-id-5149c512-edc3e04f">qualified expenses</A><SPAN>&nbsp;</SPAN>that they did not properly reimburse to start with, then no, it is not taxable income.</P> <P>&nbsp;</P> <P>If it was punitive damages for something they did wrong with Genworth LTC insurance, then yes, it is taxable. It also depends if this was a settlement for a qualified or non qualified contract. If it is a qualified contract, then no, it is not taxable. If it is not qualified, then yes, it is taxable.&nbsp;</P> <P><BR />Again, thank you for joining us today!</P> Wed, 28 Jun 2023 16:51:32 GMT Holly W1 2023-06-28T16:51:32Z https://ttlc.intuit.com/community/taxes/discussion/lawsuit-settlements/01/3074287#M1123619 <P>I recieved a cash payout from a class action lawsuit against Genworth LTC insurance. &nbsp;Is this taxable?</P> Wed, 28 Jun 2023 16:46:33 GMT https://ttlc.intuit.com/community/taxes/discussion/lawsuit-settlements/01/3074287#M1123619 Ruub12 2023-06-28T16:46:33Z https://ttlc.intuit.com/community/taxes/discussion/re-lawsuit-settlements/01/3074303#M1123620 <P>Hello Ruub12,&nbsp;</P> <P>&nbsp;</P> <P>Thank you for joining us today!&nbsp;&nbsp;</P> <P>It really depends on what the<A href="https://www.longtermcareinsurancesettlement.com/Content/Documents/BDP%20Decl%20EX%20B%20Settlement%20Agreement.pdf" target="_blank" rel="nofollow noopener noreferrer" data-di-id="di-id-cae1dcd1-98ae8e60"><SPAN>&nbsp;</SPAN>settlement</A><SPAN>&nbsp;</SPAN>was for. &nbsp;If it was for<SPAN>&nbsp;</SPAN><A href="https://www.genworth.com/dam/Americas/US/PDFs/Consumer/Forms/40%20-%20Genworth%20Reimbursement%20Insert%202012.pdf" target="_blank" rel="nofollow noopener noreferrer" data-di-id="di-id-5149c512-edc3e04f">qualified expenses</A><SPAN>&nbsp;</SPAN>that they did not properly reimburse to start with, then no, it is not taxable income.</P> <P>&nbsp;</P> <P>If it was punitive damages for something they did wrong with Genworth LTC insurance, then yes, it is taxable. It also depends if this was a settlement for a qualified or non qualified contract. If it is a qualified contract, then no, it is not taxable. If it is not qualified, then yes, it is taxable.&nbsp;</P> <P><BR />Again, thank you for joining us today!</P> Wed, 28 Jun 2023 16:51:32 GMT https://ttlc.intuit.com/community/taxes/discussion/re-lawsuit-settlements/01/3074303#M1123620 Holly W1 2023-06-28T16:51:32Z