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I receive a life ins policy from a prev employer and have a form similar to a W2. This states that I need to report $60.96 as imputed income / wages. How do I list this?

 
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DawnC0
Intuit Alumni

I receive a life ins policy from a prev employer and have a form similar to a W2. This states that I need to report $60.96 as imputed income / wages. How do I list this?

You can report it under Miscellaneous Income, Other income not already reported on a Form W-2 or Form 1099.  To get to this section, follow the prompts:

 

  • Click on the Federal tab (left menu)
  • Click on the Income & Expenses tab (top menu)
  • Scroll down to Less Common Income (last item)
  • Select Miscellaneous Income (last item) and click Start or Update
  • Select Other income not already reported on a Form W-2 or Form 1099 (first item) and click on Start
  • Answer Yes to Did you receive any other wages?
  • Click Continue past Household Employee and Sick/Disability Pay
  • Answer Yes to Did you earn any other wages?
  • Choose Other
  • Enter a description (imputed income) and the amount ($61)

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