Seems like I will finally get some restitution for the small amount of Enron
Stock I had in my traditional IRA. I hope that I'll receive some
instructions when I finally get a check, but I imagine this has happened in
the past that worthless stock in a traditional IRA has a class action
settlement and checks are distributed to the former share holders.
Apparently, I am lucky enough to finally get my due.
My former position in the stock within the IRA was deemed worthless, and at
some point, the FI simply withdrew the book shares from my account.
So now, 5 or so years later, I get a small check as part of the so-called
"Newby" class action settlement. What's the tax treatment of this? Am I
obligated to put the $ back into the traditional IRA (which I can no longer
contribute deductible contributions to now anyway if that has anything to do
with this) and that's that? Or can I simply cash it in, knowing (which I
don't) that I'll get a 1099MISC later as ordinary income? I haven't a clue
what I need to do and what I might get...anyone know?
At this point, more curiosity than reality. Thanks!
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