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It is possible to have taxable and nontaxable income included in any settlement amount that you have received. If you receive a 1099-MISC you will know that you have some taxable income that you will have to report on your 1040 income tax return.

Perhaps your attorney or the Judge can tell give you some information about this and the terms of the settlement.

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Q: In Ohio do you have to pay taxes on money collected in a malpractice suit?
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