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Are proceeds from class action lawsuit settlement taxable income?

In 2007 I bought stocks of one company that were then sold at $5000 loss; the loss was reflected on respected years' tax returns. Now, there was a class action lawsuit latter on, $600 of my loss was recognized and I got a check this year for $150. Is it taxable income?
    Yes, this income would be taxable to you, but if your check was received this year (and is dated in 2012), the income will not be reportable until next year's tax return.  You should receive a document  representing the class-action settlement, which you will use to prepare your tax return.  If your $150 check was dated in 2011, you should expect to receive a statement reflecting that income soon.  If the check was dated in 2012, you probably won't get it until early 2013, to use when preparing your 2012 tax return.