Taxation of Class-Action Settlement Proceeds. ... Claims for lost profits are treated as taxable income because the profits would have been subject to tax had they been originally earned.

Q: I will soon be receiving $2 million, less 30 percent for lawyers' fees, as part of a class action child sexual abuse lawsuit against the Boy Scouts of America. Will I have to pay income taxes ...

Q. I was recently involved in a class action lawsuit related to a scam and I received a $60 cash settlement. Are the proceeds from this class action suit taxable by the state or federal government?

IMGCAP(1)]The impact of a class-action settlement can be devastating for a company not just in terms of the potential financial settlement costs and related expenses, but also in terms of degradation ...

Taxes: Is A Class-Action Lawsuit Considered Income? Class action settlements are considered taxable income under the Internal Revenue Code, with some exceptions listed in the code.

In the I'm-mad-as-hell-and-I-won't-take-it-anymore category, more and more investors burned by stock market losses are joining class-action lawsuits against the companies. Kiplinger Save up to 74% ...

Apr. 10—Question : My mom received a settlement check from the Kalima v. State of Hawai 'i class action lawsuit. She has not received any other document, including a 1099, that indicates any ...

TaxAct has agreed to settle but has not admitted wrongdoing. TaxAct class settlement: How much is it? The settlement applies to those who used TaxAct‘s online do-it-yourself 1040 tax filing ...

Q. I was recently involved in a class action lawsuit related to a scam and I received a $60 cash settlement. Are the proceeds from this class action suit taxable by the state or federal government?