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Anonymous
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Has anyone had a government settlement that in their letter it states that Internal Revenue Code 468B applies. No 1099 will be filed on this settlement. Is it taxable?

The settlement from a class action suit due to release of dangerous stuff from a plant that made atomic triggers that depressed property values won in a class action suit.
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Carl
Level 15

Has anyone had a government settlement that in their letter it states that Internal Revenue Code 468B applies. No 1099 will be filed on this settlement. Is it taxable?

The settlement is not reported on your tax return and isn't taxable on your federal return. Can't speak for the state return though. Cornell University has a fairly decent write up at https://www.law.cornell.edu/uscode/text/26/468B concerning IRC 468b settlement payments.

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