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1099'd for a settlement for medical injury on job
My Father in law received a settlement for a suit he brought against his employer. He worked in a factory and did years of repetitive labor only to find that he had an injury. The firm settled this year after 6 years of negotiations he got around 70k. Is that taxable on his return - he received a 1099 misc with box 6 having the settlement amount listed.
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Box 6 is medical and health care payments. Settlement for injury is not taxable. If it is for lost wages or interest, it is taxable. In your case, it is not taxable. Read about settlement taxes Your U.S. Tax Return: The U.S. Income Tax Topics 1 |
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