564999
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.

xhree517
New Member

How do I file a lump sum settlement payment??

 
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

How do I file a lump sum settlement payment??

Legal settlements that are taxable (including previously-deducted medical expenses related to physical injury or illness) are entered as miscellaneous (other) income.

Whether a settlement is taxable or not depends upon the type of settlement it is. The settlement type is usually listed on the Final Settlement Agreement.

This link explains how to enter taxable legal settlements into TurboTax:

https://ttlc.intuit.com/replies/3302162

This link explains more about how to determine if your settlement is taxable or not:

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

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question