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What is the federal tax rate on an EEOC mediated settlement?

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Settlements may be taxable or nontaxable, depending on the claim that's been settled. Taxable settlement amounts include interest, compensation for lost wages, etc. There's no set federal tax rate on a settlement. How much tax you'll be assessed depends on your filing status and taxable income. Taxable settlement amounts usually are entered on line 21 (Other Income) on Form 1040.

For more information, go to www.irs.gov/formspubs for Publication 525 (Taxable and Nontaxable Income).

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