topic How do i handle severance pay reported on my w2. my income went sky high because of severance pay which is taxed. a lot from my severance pay went to my taxes. help! in Tax help for military filers

How do i handle severance pay reported on my w2. my income went sky high because of severance pay which is taxed. a lot from my severance pay went to my taxes. help!

arieza23 — Sat, 01 Jun 2019 00:41:21 GMT

Is this military severance pay from a medical retirement?...

NicoleR — Sat, 01 Jun 2019 00:41:22 GMT

Is this military severance pay from a medical retirement? If so, do you have your VA rating yet?

thank youit is not a severance pay from a medical retirem...

arieza23 — Sat, 01 Jun 2019 00:41:23 GMT

thank youit is not a severance pay from a medical retirement. my former employer died and i got a severance pay.

If you received severance pay, including payment for unus...

Josh_R — Sat, 01 Jun 2019 00:41:25 GMT

If you received severance pay, including payment for unused vacation or sick days, those amounts are fully taxable as income. Those amounts will be included on the W-2 form you receive from your former employer. They are not tax deductible.

Do i need to report what is my regular earnings from what...

arieza23 — Sat, 01 Jun 2019 00:41:27 GMT

Do i need to report what is my regular earnings from what i have received as a severance pay?

All of your income from that employer should be on your W...

Josh_R — Sat, 01 Jun 2019 00:41:29 GMT

All of your income from that employer should be on your W2 and you report that W2 as a single W2 for the year. You can find more info on job separation in this IRS publication: <a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/p4128.pdf">https://www.irs.gov/pub/irs-pdf/p4128.pdf</a>