topic How do I subtract non taxable income from my total income in Get your taxes done using TurboTax

How do I subtract non taxable income from my total income

secretagentsuper — Fri, 31 Jan 2020 01:19:41 GMT

Re: How do I subtract non taxable income from my total income

xmasbaby0 — Fri, 31 Jan 2020 01:56:16 GMT

What non-taxable income?

Re: How do I subtract non taxable income from my total income

antranette40 — Mon, 24 Feb 2020 22:42:21 GMT

My husband received a w2 for third party sick pay. He pays the premium through his employer with after tax income.

1. Is this income taxable?

2. There was federal taxes taken out. If this income is not taxable. How do you get claim the moneys deposited?

Re: How do I subtract non taxable income from my total income

ThomasM125 — Mon, 24 Feb 2020 22:55:51 GMT

The income would not be taxable if he paid the premiums himself.

You should report the income as it is reported on the tax form you received, along with the tax withheld. Then, enter a negative amount as "other income" as a subtraction so the net income will be zero, as follows:

1. Go to the "Federal" section of TurboTax

2. Click on "Income and Expenses"

3. Find "Less Common Income" and choose the last entry "Miscellaneous Income"

4. On the next screen, "Miscellaneous Income" choose the last entry "Other Reportable Income"

5. Enter a description for your entry (Disability Inc Adj?), and enter the taxable amount you want to exclude from income as a negative number