received a check from FTC - is this taxable?

Forum|Forum|4 years ago
April 5, 2022
1 reply
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I received a check from FTC as share of settlement between me and the university where I studied- is this taxable

Not A Product Question

AamilD

Level 9

It depends on what the settlement was for. For example damages received due to personal physical injury are not taxable. Would you be able to provide more information on what the settlement is related to.

mrabi2000Author

Level 2

It is just mentioned due to the university relying on deceptive advertising to attract students and falsely working with employers to create job opportunities.

MinhT1

Level 15

This settlement is taxable and should be reported as Other Reportable income.

Please read this IRS document for more information.

In TurboTax, open your return and follow these steps:

Click on Federal in the left-hand column, then on Wages and Income on top of the screen
Scroll down to locate the Less Common Income section
Click Show more and click Start next to Miscellaneous Income at the bottom
On the next page, click Start next to Other Reportable Income.