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My wife and I got a settlement of $100 in Dec. 2007 is this taxable income. If so where would I show it on my Tax form.

Roy
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My wife and I got a settlement of $100 in Dec. 2007 is this taxable income.

What was the settlement for?

--Peter
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Peter

It was the class action law suit that was file agains Microsoft.That it had a momopoly that cost state's citizens millions of dollars extra for the software products.It was nation wide. Iowa was one of states that filled it's own law suit.

Roy
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It was the class action law suit that was file agains Microsoft.That it had a momopoly that cost state's citizens millions of dollars extra for the software products.It was nation wide. Iowa was one of states that filled it's own law suit.

It's probably not reportable income. Generally, if the original expense was not deductible then the recovery isn't either. However, if you got the settlement to compensate you for excess business costs, then the settlement would be reportable as other income.

Ira
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