hi
If I received a total award for about $1000, of which half represented penalty and interest
i.e. the gross wages part was $538, and interest and penalty were each about $260,
do I pay taxes on this, and on which line of the 1040 does it go on.
There was no other earned income .for the year and we received a w2 for $538, the gross wages part, and this is under $600 .
Thanks for the help
If I received a total award for about $1000, of which half represented penalty and interest
i.e. the gross wages part was $538, and interest and penalty were each about $260,
do I pay taxes on this, and on which line of the 1040 does it go on.
There was no other earned income .for the year and we received a w2 for $538, the gross wages part, and this is under $600 .
Thanks for the help
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