Double Down Settle

[debbiecply]

I am wondering if anyone else received the DoubleDown class action settlement.  I has now been three months since I filed my taxes and I haven't received me refund.  I never received any kind of form to file with my taxes so therefore did not claim the income.  

[Bsch4477]

That class action income is not taxed. 

[Opus 17]

Regardless of when the case settles, any settlement is not taxable income to you until the date you are actually paid.

For this specific settlement, because this is a reimbursement of costs you paid to purchase a "product" (in this case, gaming credits), the settlement would only be taxable if you previously deducted your purchases as a gambling or business expense, or if the settlement was for more than you originally paid.  

[debbiecply]

Thanks I hope you are right.  I just don't know why the irs is holding my return.  It has been 3 months since I filed.  Have you heard of others who received money from the double down settlement?

[Bsch4477]

One other poster mentioned that they received no form from the settlement, probably because it is not taxable. 

[Opus 17]

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@debbiecply wrote:

Thanks I hope you are right.  I just don't know why the irs is holding my return.  It has been 3 months since I filed.  Have you heard of others who received money from the double down settlement?

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Sometimes, your IRS transcript will have a code on it indicating the reason for a hold.

https://www.irs.gov/individuals/get-transcript

I assume you have already checked "where's my refund" and verified that the IRS has your return in process and has not paid a refund yet?

https://www.irs.gov/wheres-my-refund