An insurance indemnity for lost wages is taxable.You'll need to need it as Other Reportable Income.In TurboTax, openyour return and follow these steps:Click on Federal Taxes, then on Wages and Income Under All Income, locate the Less Common Income sectionClick Show more and click Start next to Miscellaneous Income at the bottomOn the next page, click Start next to Other Reportable Income (see attached screenshot).

Question

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

Forum|Forum|7 years ago
June 4, 2019
1 reply
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M

MinhT1

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).