This morning I was working my way through TurboTax's 2006 California State return section -- numb from scanning the scores of interview questions that have absolutely no application whatsoever:
Did your total sustained losses on rootabaga crops exceed your 1996 AGI by 20%?Did you install solar power for personal or business use, but not on a jacuzzi or hot tub exceeding 200 gallons or power consumption bi-weekly of 25,000 BTUs?
Did you receive any tip income from relatives that are subject to AMT but not living in in a state containing the letter "E" ?
No. No. No.
I was just about to collapse into a Rumplestiltskin coma (*not* a deductible medical expense, FYI) when my eye caught what is perhaps the greatest taxable income line item I have ever seen. I am not making this up.
Ladies and Gentlemen, I give you...
The "Ottoman Turkish Empire Settlement Payments"
WTF? As a California State resident, might I somehow owe taxes on unreported on Frankincense and Myrrh? Is this an excise tax on imported hookahs greater than four-feet in height? ('cause I think mine is just a tad under) While the folks at Intuit generally fall over themselves to provide help-links for every conceivable bit of content in their product, the *one* item that I actually want to know more about has no information at all.
But thanks to our fine friends at the Turkish-American News Portal the truth is revealed:
In 1999, a class action suit against New York Life Insurance company was filed by the descendents of those that survived the unfortunate events of 1915 under the rule of the Ottoman Empire during WWI. The company was sued specifically for not being forthcoming in paying up for policies of those killed in mutual massacres. The suit was settled in 2004 for $20 million, and payouts began to individuals and some Armenian charitable organizations.Now with the deadline for filing 2005 taxes approaching fast, the earnings from these settlement payments are to be reported. One can only guess how confusing this one line will look to millions of taxpayers who may have never heard that there ever was a Turkish empire.
Heh - one no longer needs to guess - it's confirmed as "very" confusing.
(Peter O'Toole as Lawrence of Arabia - getting down to brass tacks with the Turks)