Is my Settlement Taxable?

If you're on the receiving end of a court awarded judgment or negotiated settlement, you might be wondering if that incoming cash is taxable income. As usual, it's a bit complicated. This video tells you what types of settlements are taxable and which are not. It also goes over how you report taxable settlements on your tax return.
0:00 Introduction
1:22 Non Taxable Settlements
2:32 Taxable Settlements
3:45 Reporting Taxable awards/settlements on Form 1040
5:16 Conclusion
Additional Resources and Information:
Internal Revenue Service: "Tax Implications of Settlements or Judgements": www.irs.gov/government-entiti...
Forbes.com: "Five Key IRS Rules On How Lawsuit Settlements Are Taxed": www.forbes.com/sites/robertwo...
HowStuffWorks: "How are Lawsuit Settlements Taxed?" money.howstuffworks.com/perso...
The Tax Geek on the Site Formerly Known as Twitter: @taxgeekusa
The Tax Geek on Reddit: www.reddit.com/r/askataxgeek
Image and footage credits:
Storyblocks.com
Wikimedia Commons
Damnsoft 09 (CC-SA-3.0)
The images of "Mabel," "Sarah", and "Sarah's Attorney" were generated by thispersondoesnotexist.com (stability.ai). Any resemblance between these images and any persons, living or dead, is incidental and not intended. No other artificial intelligence was used to research, write, animate, voice, or edit this video
Intro Music: "Bluesy Vibes" - Doug Maxwell - RUclips Creator Music
Outro Music: "Modern Attempt" - Track Tribe under license from RUclips Creator Music
DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or financial advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or financial professional.

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