Yes, logically sound. Follow these steps:
- Check your w2 as the taxable portion could be in box 12 with a code J as well as included in income in box 1. If this is the case, it is already being taxed and you don't need to do anything.
- If it is not on the w2, you will need to report the taxable portion of the income.
- You can enter it under Miscellaneous Income
- Locate Other reportable income and enter.
- This allows you to describe the taxable portion.
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