Statutory Guidelines [Appendix A(5) Tres. Regs 1.46B and 1.46B-1 to B-5] regarding designated settlement funds and qualified settlement funds.
Designated Settlement Funds Treasury Regulations 1.468 and 1.468B.1 through 1.468B.5
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FAQ
While the fund holds onto the payout from the defendant, the trustee will likely invest the funds in a secure, interest-bearing account. Because qualified settlement funds are separate tax entities they pay tax on any interest or dividend income.
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, or QSF, is a fund, account, or trust established under applicable state law. A court can order that the defendant (or insurer) pay the agreed settlement amount into a Qualified Settlement Fund "within the meaning of 468B-1 of the Treasury Regulations".
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).
Settlement money and damages collected from a lawsuit are considered income, which means the IRS will generally tax that money, although personal injury settlements are an exception (most notably: car accident settlement and slip and fall settlements are nontaxable).
The Affected Investor Fund QSF is a Qualified Settlement Fund (QSF) under the Internal Revenue Code. Reported to the IRS for the tax year in which the payment is made.
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.