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What taxes should I expect to owe from receiving a settlement?

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ninsicnh

Junior Member
Hi!
I am from Texas, and I have recently recieved a lump sum payment from a class-action lawsuit. I would like to know what to expect when it comes time to file my taxes next year.

Will it just be considered taxable income, and therefore should be added in with my other income? Do I have to seperate the sum into a seperate category? And if so, is it taxed at a different rate? Is it taxed at all??(Doesn't hurt to hope!)

Any information about what I can expect, would help!
Thanks!
N
 



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