I received a settlement for the Philips CPAP recall for ~$170. In the comments at the bottom it states:
"We cannot provide individual tax advice regarding this distribution" and state to consult a tax advisor. That sounds like a bunch of CYA mumbo-jumbo and they should know if it is taxable or not.
How does a person determine the tax-ability of such a payment? I read in other threads that if it is taxable, to enter it using a Form 1099-INT.
Now, $170 is no big deal, but why pay tax on it if it isn't necessary? The tax on it sure isn't going to break me, I just don't want to get audited over such a meager amount.
Thanks in advance.
