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If you have lawsuit winnings that are taxable, you must use Form 1040. You can't use Form 1040A. Lawsuit settlements that compensate you for physical injuries/sickness from an accident aren't taxable. Punitive damages and damages for nonphysical injuries are usually taxable.

Taxable lawsuit winnings are entered on line 21-Other Income in the Income Section on page 1 of Form 1040. Be sure to check whether your legal expenses for winning your lawsuit are deductible. Legal expenses for nontaxable winnings aren't deductible.

But legal expenses for taxable winnings can be claimed on line 23-Other Expenses of the Job Expenses and Certain Miscellaneous Deductions of Schedule A (Itemized Deductions). If the total of those expenses plus any other expenses in the Job/Miscellaneous Section exceed 2 percent (.02) of your adjusted gross income (AGI), then the amount over 2 percent is deductible.

Form 1040A is only used for specified types of income. One, wages, salaries, tips. Two, interest and ordinary dividends. Three, capital gain distributions. Four, taxable scholarships/fellowships. Five, pensions, annuities, and IRAs. Six, unemployment compensation. Seven, taxable social security and railroad retirement benefits. Eight, Alaska Permanent Fund dividends.

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line 21 of form 1040

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Q: Where do you put lawsuit winnings on Form 1040A?
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