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I recieved a settlement check as an agreement between federal

banking regulators and JPMorgan Chase...
I recieved a settlement check as an agreement between federal banking regulators and JPMorgan Chase. Is this money going to bee taxable for 2014.
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Answered in 6 minutes by:
5/1/2013
Phillip B, EA
Phillip B, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 704
Experience: Practicing since 2004. Expert in 1040, small business, represent vs. IRS, & int'l tax mattters.
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It depends. What is the reason behind the settlement?
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Customer reply replied 4 years ago

In connection with an enforcement action related to deficient mortgage servicing and foreclosure processes

Customer reply replied 4 years ago
Relist: Other.
It has been 2 HRS and no answer
Customer reply replied 4 years ago
Relist: Other.
It has been 2 HRS and no answer
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,592
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

Sorry for the long wait. The other expert who was assisting you has stepped away for a while, but I will help you with your issue.

In this case, your lawsuit proceeds will be taxable unfortunately. This is not due to any physical harm, and the proceeds are more punitive in nature. You should remit an estimated tax payment if taxes are not withheld from the settlement.

Please let me know if you need anything additional. Again, I'm sorry for your wait. Once you have reviewed my answer, if you have further questions please reply. Otherwise, please rate my response as "excellent" so that I may receive credit for assisting you today.
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,592
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Megan C and 87 other Tax Specialists are ready to help you
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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,592
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Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

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