What you describe would be taxable income. Income is anything that results in monetary gain to you, and the credit would represent that. All monetary gain is taxable unless specifically exempted by tax law. You should report the income on your tax return as Other Income as follows:
- Choose the Federal option on your left menu bar
- Choose Wages & Income
- Find Less Common Income
- Choose Miscellaneous Income, 1099-A, 1099-C
- Choose Other reportable income
- Answer Yes to the question Any Other Taxable Income?
- Enter a description and amount of the income
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
