☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Jun 4, 2019 12:47:31 PM

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

1 1 1853
1 Best answer
Level 2
Jun 4, 2019 12:47:32 PM

"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.

1 Replies
Level 2
Jun 4, 2019 12:47:32 PM

"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.