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garytodd2285
Returning Member

I received commissions from life insurance policy renewals from a previous job as a sales associate. How do I report this income?

 
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Accepted Solutions
KittyM
Level 2

I received commissions from life insurance policy renewals from a previous job as a sales associate. How do I report this income?

"Residual” commission payments should be reported as Other Income.  To do this in TurboTax,

  • In your open Federal return, choose the tab for Wages & Income
  • Scroll down to Less Common Income (you may have to click Add more income and See more income to view this topic) and Show more
  • Start/Revisit Miscellaneous Income and choose Other reportable income 
  • Say Yes to continue to the screen Other Taxable Income. Enter your item description and the amount.

A corresponding entry will appear on Form 1040, Schedule 1, Line 21 of your return.

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1 Reply
KittyM
Level 2

I received commissions from life insurance policy renewals from a previous job as a sales associate. How do I report this income?

"Residual” commission payments should be reported as Other Income.  To do this in TurboTax,

  • In your open Federal return, choose the tab for Wages & Income
  • Scroll down to Less Common Income (you may have to click Add more income and See more income to view this topic) and Show more
  • Start/Revisit Miscellaneous Income and choose Other reportable income 
  • Say Yes to continue to the screen Other Taxable Income. Enter your item description and the amount.

A corresponding entry will appear on Form 1040, Schedule 1, Line 21 of your return.

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