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As my company laid me off last March with early retirement. Do I still need to put my previous company info in Turbo Tax and do I classify my status as Retired.

 
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4 Replies
MinhT1
Expert Alumni

As my company laid me off last March with early retirement. Do I still need to put my previous company info in Turbo Tax and do I classify my status as Retired.

If you worked for your previous company until March 2021, you will receive a form W-2 from that company that you have to enter on your tax return.

 

As for your occupation on your tax return, you can list yourself as your previous position or as retired. This is used for information only and has no effect on your tax return.

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As my company laid me off last March with early retirement. Do I still need to put my previous company info in Turbo Tax and do I classify my status as Retired.

Thank you for this information. Since I work overseas, My company does not provide me a W-2. Therefore should I still put my company info within Turbo Tax this year or should I leave it blank.

 

Thanks for your kind message and guidance

MinhT1
Expert Alumni

As my company laid me off last March with early retirement. Do I still need to put my previous company info in Turbo Tax and do I classify my status as Retired.

As you worked overseas, you should report the income you earned in 2021 as foreign earned income. And TurboTax will ask you for information on the company that paid that income.

 

For foreign earned income, you can choose the foreign earned income exclusion or the forein tax credit.

 

Please read this TurboTax Help topic for more information.

 

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As my company laid me off last March with early retirement. Do I still need to put my previous company info in Turbo Tax and do I classify my status as Retired.

Thank you yes, I am reporting my foreign income that I received until March of 2021 (now retired). So therefore on Turbo Tax, since I still worked from January to March, it is still necessary to enter my previous company information for 2021 instead of leaving company information blank on Turbo tax.

 

I believe this is what you are suggesting. Thanks again

 

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