it was a class action lawsuit and received no 1099 forms whatsoever. I tried to put it in the misc section but it asks for a federal id number for the payee but I dont have one.
It depends on what type of settlement it was and how the settlement funds were categorized. For example, settlement funds rewarded for lost wages are taxable and settlement funds rewarded for a personal injury are usually not. Also, if the funds you received are considered taxable income, then you will receive a tax form. Most settlements are reported on form 1099's. I would wait until after February 15, 2018, to assume that ones not coming. It could still be in transit.
Here's an informative website that relates to class action lawsuit settlements.
https://www.classaction.org/blog/are-class-action-lawsuit-settlements-taxable
Please view the following IRS page, as it lists the taxability of some common types of lawsuit settlement rewards.
It depends on what type of settlement it was and how the settlement funds were categorized. For example, settlement funds rewarded for lost wages are taxable and settlement funds rewarded for a personal injury are usually not. Also, if the funds you received are considered taxable income, then you will receive a tax form. Most settlements are reported on form 1099's. I would wait until after February 15, 2018, to assume that ones not coming. It could still be in transit.
Here's an informative website that relates to class action lawsuit settlements.
https://www.classaction.org/blog/are-class-action-lawsuit-settlements-taxable
Please view the following IRS page, as it lists the taxability of some common types of lawsuit settlement rewards.
I've received a settlement from a company hat I was wrongfully terminated from. They gave us 2 checks. 1 was for lost wages reported on a W-2 and the damages reported on a 1099-NEC. Is the funds on the 1099-NEC taxable?
Yes. Legal settlements for lost wages and damages, including wrongful termination are taxable.
Here is an IRS FAQ that provides full and clear details about which law suits are taxable and which are not.