I am going to very shortly receive some compensation as the result of a class action lawsuit against a company in which I invested as a part of my IRA account a few years back. The compensation will be a certain dollar amount per share for the number of shares that I held during a certain timeframe. My question is "Am I required to deposit this money back into the IRA account?" If I do not deposit it back into the IRA account do I own tax on it.You will owe both federal and state income tax and an early withdrawal penalty if you do not deposit it back into your IRA.
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