I bought a while ago some Citibank stocks in my IRA account.
A couple of years ago I received a letter that I was entitled to be in a class action. I answered to the letter.
Yesterday I got the check of 630 bucks.
I never sold the stock. They are still there at my IRA account.
What is the tax consequence of this class action award? Do I NEED to deposit it in my IRA account or cash the check and just report as ordinary income in my 1040 next year?
A couple of years ago I received a letter that I was entitled to be in a class action. I answered to the letter.
Yesterday I got the check of 630 bucks.
I never sold the stock. They are still there at my IRA account.
What is the tax consequence of this class action award? Do I NEED to deposit it in my IRA account or cash the check and just report as ordinary income in my 1040 next year?