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Class Action Settlement

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Class Action Settlement

Postby harland3 » Sun May 04, 2014 2:04 pm

s About Taxes)/Class action settlement Advertisement Expert: John L. Tidwell - 1/6/2007 I received a 12000.00 settlement from a classaction lawsuit against the drug company that made the Phen-Phen diet pill. Will I have to pay taxes on that?
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Class Action Settlement

Postby lot » Fri May 09, 2014 10:10 am

Ms. Mclain:

Was the settlement for damages to you or was it classified as punitive damages.

If it was for damages to you to make you whole then its not taxable.  If however it was punitive in nature that is to punish the drug company then will be taxable.

John
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