Statutory Guidelines [Appendix A(4) IRC 468B] regarding special rules for designated settlement funds.
District of Columbia Special Rules for Designated Settlement Funds IRS Code 468B
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FAQ
A QSF is assigned its own Employer Identification Number from the IRS. A QSF is taxed on its modified gross income[v] (which does not include the initial deposit of money), at a maximum rate of 35%.
Funds held in a QSF are not subject to income tax until distributed to the intended parties (settlement proceeds for personal injury are never taxable). Additionally, funds held in a QSF can be invested, potentially increasing the overall value of the settlement, and are usually held in FDIC-insured bank deposits.
Internal Revenue Code (IRC) § 468B provides for the taxation of designated settlement funds and directs the Department of the Treasury to prescribe regulations providing for the taxation of an escrow account, settlement fund, or similar fund, whether as a grantor trust or otherwise.
§ 1.468B-2 Taxation of qualified settlement funds and related administrative requirements. (a) In general. A qualified settlement fund is a United States person and is subject to tax on its modified gross income for any taxable year at a rate equal to the maximum rate in effect for that taxable year under section 1(e).
There are only three requirements for establishing a QSF. It must be created by a court order with continuing jurisdiction over the QSF. [i] The trust is set up to resolve tort or other legal claims prescribed by the Treasury regulations. [ii] Finally, it must be a trust under applicable state law.
A Qualified Settlement Fund (QSF), also referred to as a 468B Trust, is an exceptionally useful settlement tool that allows time to properly resolve mass tort litigation and other cases involving multiple claimants.
