Received a settlement of 30,000 for accident, do i have to report this? All other expenses were paid for,medical and legal fees fees

bigpaulyy — Mon, 03 Jun 2019 20:06:45 GMT

I have not received a 1099 and not sure if I should be getting one?

It depends on the type of settlement as listed on the fin...

LeeM — Mon, 03 Jun 2019 20:06:46 GMT

It depends on the type of settlement as listed on the final Settlement Agreement. If it is non-taxable, then you probably will not receive a 1099-MISC.

Physical injury or sickness settlements (for example, accident settlements) are non-taxable and don't need to be reported unless you deducted medical expenses related to the injury on a previous tax return and you received a tax benefit from the deduction. In that case, you'd report the medical expenses related to the incident as miscellaneous (other) income.

For more information on legal settlements, you can visit the FAQ below:

https://ttlc.intuit.com/replies/4787698

topic Received a settlement of 30,000 for accident, do i have to report this? All other expenses were paid for,medical and legal fees fees in Investors & landlords

Received a settlement of 30,000 for accident, do i have to report this? All other expenses were paid for,medical and legal fees fees

It depends on the type of settlement as listed on the fin...