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Level 2
February 19, 2022
Question

I opened a new 401k acct. and received a cash bonus for doing so. The bonus was deposited into the 401k

  • February 19, 2022
  • 4 replies
  • 36 views
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4 replies

ColeenD3
Level 15
February 19, 2022

Regardless of what you did with the income, it is still taxable. Include it as other income with some variation of the words "account opening bonus".

 

Follow these steps to enter other income.

  • Federal Taxes ->
  • Wages & Income ->
  • I'll choose what I work on -> scroll to the bottom and under 
  • Less Common Income select Start (or Update) for 
  • Miscellaneous Income
  • Other reportable income and you can enter your own description(s) and amount(s)

 

 

fanfare
Level 15
February 19, 2022

Just report whatever numbers you see on your W-2.

It's not other income.