Question

Is the Monex Restitution payment TAXABLE ???

Forum|Forum|1 year ago
March 8, 2025
1 reply
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I was part of a class action lawsuit against Monex which over many years I lost about 200k to this company. The lawsuit ruled in favor of the class. We each received about 11% of our losses as a result of the judgement. No 1099s will be sent to the class. Monex had to pay over 30 million to the class and 5 million as a fine.

The more I read on the IRS site and postings on the internet, the more confused I am about if the payment is taxable or not? If it is taxable, how do I report it on my tax return??

TurboTax Home & Biz Windows

IsabellaG

In general, these restitution payments are not taxable when they represent after tax dollars that are being returned to you as reimbursement. But if you previously claimed losses on your tax returns related to this matter, some or all the payment may be taxable.

I would advise consulting a tax professional about your specific circumstances.

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