Lawsuit settlement, how does paying the taxes work?

Lawsuit settlement, how does paying the taxes work? Getting over $50k from a lawsuit from a car accident, they will be paying it in a few checks over a few months, how will I pay the taxes on it? does the car insurance company send me a tax form? what would I fill out when tax season comes? Im married, live in NY.
submitted by /u/workusername00

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