Deductions & credits
It depends. Since you received a refund of your lease payments (or two) from an excess paid to the insurance company, first determine if the money your received was more than you actually paid to lease the car, including lease payments after your began to operate the car. If the payments do not exceed the amount you paid for leasing the car, then nothing is taxable.
If there is an excess of payments over what you paid for leasing the car report that excess using the instruction below.
Other Miscellaneous Income:
- Sign into your TurboTax Online account
- Go to Tax Home (left panel) Wages and Income section
- Scroll to Less Common Income > Select Miscellaneous Income, 1099-A, 1099-C
- Select Other reportable Income > Enter a description (----) and the amount
