If your W-2 includes an excludable amount of income, you can report the excludable amount as a negative income in TurboTax in Other Reportable income. In TurboTax, open your return and follow these steps:
- Select Federal in the left-hand column, then select Wages and Income
- Scroll down to Less Common Income section (It’s the last section)
- It may prompt you to Show more and select Start or Revisit next to Miscellaneous Income, 1099-A, 1099-C
- Scroll down and select Other reportable income
- Select Yes to the question “Did you receive any other taxable income?”
The next screen says “Other Taxable Income” – Enter the description of the excludable income and enter the excludable amount as a negative number.
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