Unclaimed class action settlement means consumers are leaving billions of dollars on the table! Many consumers who pride themselves on counting every penny may be missing out on money they're owed. That's because they're failing to collect on class action settlement that could range from just a bucks, to hundreds of dollars

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Are Class Action Settlements Taxed?

Home > Are Class Action Settlements Taxed?

Are Class Action Settlements Taxed?

Do I have to pay taxes on the money received from a class action lawsuit? The simple answer is yes and no, and that’s because it depends on the specific case. Typically, the settlement from a class action is divided amongst all the people in the class and therefore the checks distributed end up being a small amount. Once you accept the settlement you must remember to report the earnings to the IRS

It is then up to the IRS to determine what income is subject to income tax. Generally, the IRS considers the reception of anything of value as taxable income. Therefore if you received a settlement for a faulty washing machine, then, in theory, the earnings would be considered taxable.

However, Title 26, Section 104, of the United States Code allows people receiving compensation for personal physical injury or physical sickness to exclude those amounts from their gross income. That means if that faulty washing machine caused you physical harm then the earnings might not be taxable. Since this question is not as simple as yes or no, we suggest you always consult with an accountant

Here Are Some Companies That Have Paid Out Millions Of Dollars in Claims:

Progressive Insurance • Red Robin • Radio Shack • RJ Reynolds Tobacco • Ford Motor Company • Sears Roebuck • Verizon Wireless • Family Dollar Stores

TheClassActionGuide™ is not affiliated with any of the listed products, brands, or organizations, nor do any of them endorse or sponsor TheClassActionGuide™. TheClassActionGuide™ is a resource to help consumers gain access to Class Actions Lawsuits and/or Settlements that they may be eligible to participate in. There is no guarantee that people who register on TheClassActionGuide™ will qualify for or otherwise be able to benefit from or participate in any of the lawsuits or settlements included or referenced on this website.

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