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pkirkhart
January 31, 2023
Question

Will i have to add money for a class action Roundup lae suit?

  • January 31, 2023
  • 1 reply
  • 0 views
Do i have to report money from a roundup class action law suit?

1 reply

D
DianeW777
January 31, 2023

It depends. If the award is for physical injury then it will not be taxable. For the most part, personal injury settlements and awards are not taxed at the state and federal levels. The reason that they are not taxed is that you did not earn that money as a form of income and for your labor.

 

Damages received for non-physical injury such as emotional distress, defamation and humiliation, are generally includable in gross income but are not subject to Federal employment taxes.

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