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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.).
Whether the lawsuit settlement is taxable depends on the nature of the class action suit. When the lawsuit is related to physical harm you suffered, such as cancer as a result of toxic wastes being deposited in an area (as in Burbank), the judgment is not taxable. recently received a question from Susan, who wanted to know if a settlement from a class action suit is taxable. Great question, but itâs also very broad and open-ended.