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In that case, you'd report the medical expenses related to the incident as miscellaneous (other) income. Punitive damages are taxable except in certain wrongful death cases, as are awards for employment discrimination and injury to reputation (libel, slander, defamation, etc.).
Trust Income. An education trust fund may be created to pay income to the beneficiary. The trust fund disbursements are taxable to the beneficiary. Any income accumulated by the trust for the tax year but not distributed to the beneficiary is generally taxable to the trust.The principal amount in the trust is not taxable.he trust fund disbursements are taxable to the beneficiary. Any income accumulated by the trust for the tax year but not distributed to the beneficiary is generally taxable to the trust. The principal amount in the trust is not taxable.