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There's a class action suit concering AOL stock. I purchased some in '99 in my younger son's Education IRA(which is what it was called then). I'll send in the documentation, etc. Said son is now a freshman in college. I was the responsible individual on the account. If, for some reason we actually see anything out of this and I have college bills exceeding the amount of the settlement(which I can pretty much guarantee), will there be any tax implications to whatever settlement he/I get ? (My guess is no)

rad
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No. of Recommendations: 2
There's a class action suit concering AOL stock. I purchased some in '99 in my younger son's Education IRA(which is what it was called then). I'll send in the documentation, etc. Said son is now a freshman in college. I was the responsible individual on the account. If, for some reason we actually see anything out of this and I have college bills exceeding the amount of the settlement(which I can pretty much guarantee), will there be any tax implications to whatever settlement he/I get ? (My guess is no)

Lucky guess.

The one thing to watch out for is how the check is issued. It should be issued to the whatever-they-call-them-this-week successor to the Ed IRA, not to you. In matters like this they often mess up.

Phil
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No. of Recommendations: 3
There's a class action suit concering AOL stock.

Actually, what's likely to happen is that you (and all the other members of the class) will get a coupon good for $25 off on your first three month's of AOL service. Maybe they'll throw in one of their nifty CDs. The lawyers, of course, will pocket millions - they're the ones who have to worry about tax implications. (IMHO, class actions serve mainly to enrich the lawyers. They rarely provide a substantial benefit to the individual members of the class.)

Lorenzo
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Actually, what's likely to happen is that you (and all the other members of the class) will get a coupon good for $25 off on your first three month's of AOL service. Maybe they'll throw in one of their nifty CDs. The lawyers, of course, will pocket millions - they're the ones who have to worry about tax implications. (IMHO, class actions serve mainly to enrich the lawyers. They rarely provide a substantial benefit to the individual members of the class.)

I do realize this and if it was in my account, I might choose to ignore it. Right now I have this one for the kid and a different one for my mother so I feel more of an obligation to respond to them. OTOH, I did receive over $100 from a class action concerning price fixing for a specific drug.

rad
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No. of Recommendations: 1
...coupon good for $25 off on your first three month's of AOL service. Maybe they'll throw in one of their nifty CDs.

I liked the old days better, when they peppered me with floppies. At least then I got something useful.

Eric Hines
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