I received a $75k settlement from a mediation with my former financial advisor's firm.Do I pay tax on it when I pay my taxes next year or do I pay estimated taxes now?

[bhtb]

I receive a teacher's pension and social security and the state withholds.  I have always received a refund from the withheld taxes. 

[Anonymous]

let's say the mediation award was because the FA put you into bad investments on which loss money or inappropriate investments on which you lost money . the award is to compensate you for the loss. assuming you deducted the losses, which you should, then the award is taxable.  

if your situation is different please explain. 

[bhtb]

It was to compensate me for churning abuses, use of margins, and cashing out an annuity with a 7% guaranteed annual return when I had asked him to borrow money against my holdings.  The majority of the settlement was attributable to the loss of $100k in death benefits which I forfeited because of the total distribution.  He told me we had reinstated the annuity but, in fact, only $10k of the money redeposited was eligible for the 7% annual guarantee.  I essentially lost the ability to leave my daughter a $600k inheritance which is what the death benefit would have paid out in another 7 years.  Does this answer your question?  Losses from the sale of stocks were claimed on past taxes (and will be for years to come).  I think this is seen differently.

[bhtb]

I know the award will be taxed.  My primary concern is whether I pay now under estimated taxes or later when I normally pay my taxes (February or March of 2020).