I received about 50k from a settlement I spent all 50k will I be taxed on it even though I already spent it?

[auem8723]

This was the payout after all my medical and lawyers fees were paid

[Mike9241]

The facts and circumstances surrounding each settlement payment must be considered to determine the purpose for which the money was received because not all amounts received from a settlement are exempt from taxes. The key question to ask is: "What was the settlement (and its corresponding payments) intended to replace?"

[TomD8]

This IRS publication explains the taxability of legal settlements:

https://www.irs.gov/pub/irs-pdf/p4345.pdf

The fact that you've already spent the money is irrelevant as to whether or not it is taxable.

[Opus 17]

In general, a settlement for physical injury, including pain and suffering due to physical injury, is not taxable.  However, part of it may be taxable if you previously took a tax deduction for your medical bills, or previously paid your medical bills from an FSA or HSA.  (Because if you get reimbursed for a prior deduction, the reimbursement may be taxable.)

A settlement for lost wages is taxable as if it was wages.  A settlement for punitive damages is taxable.  If the payment included interest due to late payment, the interest is taxable.  If you received pain and suffering for something that was not a physical injury, that is also taxable. 

If any portion is taxable, then you can't deduct legal fees and the entire amount is taxable.  If you spent it, you still owe the tax. 

You need to examine in detail what the settlement was actually for.