<prompt> Human: I just received a settlement from State Farm awful to cooperate with btw and 10k if it is for medical bills that I plan on paying first thing. The other 20 is for pain and suffering. So Im a 21 year old student who just deposited 33,000 in the bank, which feels suspicious. I was reading up on the IRS website and found that this is probably not taxable income, but I really dont know anything about the nature of insurance claims or how that money looks to the IRS. Is this income taxable? How do I report this incurrence of funds?  <response>: Hey, I am in the same boat: got hit by a car last summer when I was 21. I hope youre feeling better--I know how much it sucks. Make sure to take care of your body 