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Filing After Being Laid Off

I was laid off from my job and am receiving severence paid exactly as my regular salary was paid for a period of time. Do I complete my filing through Turbotax just by plugging in the W-2 numbers as I have done in prior years as nothing else (except a job title) has changed? And what do I put for the job title when it asks if that is still my role (it was for part of the year)? Any direction is much appreciated.

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3 Replies
cr2023
New Member

Filing After Being Laid Off

You should get a W2 from company 

Job title put in anything it doesnt really matter just an information collector

Filing After Being Laid Off

Your salary is taxable, being laid off doesn't change that.  Enter your W-2 as-is.

 

The "occupation" field is just for statistical purposes, it doesn't really matter what you enter there and it doesn't change your taxes.  Using the job you had for most of the year is fine.  

TomK2023
Expert Alumni

Filing After Being Laid Off

Yes, enter your W-2 as shown.  Severance pay is taxable, just like regular wage or salary income, in the year of payment. Like regular income, federal and state taxes on severance pay are usually withheld by the employer.

 

You can leave your job title the same as when you were employed (it is used for statistical purposes by the IRS).

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