Statutory Guidelines [Appendix A(5) Tres. Regs 1.46B and 1.46B-1 to B-5] regarding designated settlement funds and qualified settlement funds.
Massachusetts Designated Settlement Funds Treasury Regulations 1.468 and 1.468B.1 through 1.468B.5
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FAQ
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.
The tax treatment of QSFs is uncomplicated. 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%.
A Qualified Settlement Fund (QSF) is a trust used to accept settlement proceeds from the defendant(s) or insurance company in cases with one or more claims.
The parties can influence timing of income through the use of a QSF. QSF claimants are typically not taxed on funds in the QSF until those funds are distributed (assuming the damages are taxable). A QSF also gives some extra time and flexibility for claimants to make decisions related to settlement planning issues.
The designated settlement fund concept was created in 1986 under Section 468B of the IRC to enable defendants to deduct amounts paid to settle multi-plaintiff lawsuits before it was agreed how these amounts would be allocated.
§ 1.468B?1 Qualified settlement funds. If a fund, account, or trust that is a qualified settlement fund could be classified as a trust within the meaning of §301.7701?4 of this chapter, it is classified as a qualified settlement fund for all purposes of the Internal Revenue Code (Code).
A qualified settlement fund (QSF), commonly referred to as a 468B Trust, is a legal mechanism used in mass tort lawsuits to expedite the administration and distribution of settlement payments. A QSF is essentially a temporary ?holding tank? for the proceeds of a settlement.