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sar242424
New Member

Do I need to pay taxes on wage loss compensation through insurance? Was wondering if that would make filing more complex.

 
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1 Reply
MinhT
Expert Alumni

Do I need to pay taxes on wage loss compensation through insurance? Was wondering if that would make filing more complex.

An insurance indemnity for lost wages is taxable.

You'll need to need it as Other Reportable Income.

In TurboTax, open your return and follow these steps:

  • Click on Federal Taxes, then on Wages and Income
  • Under All Income, locate the Less Common Income section
  • Click Show more and click Start next to Miscellaneous Income at the bottom
  • On the next page, click Start next to Other Reportable Income (see attached screenshot).

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