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    jrileysr's Avatar
    jrileysr Posts: 6, Reputation: 2
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    #1

    Apr 2, 2010, 09:08 AM
    Tax liability
    Do state and federal taxes come out of a settlement agreement immediately or when filing your tax return?
    Jim
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Apr 2, 2010, 09:15 AM

    You will report the settlement income (taxable part) on your tax return.
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