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Submitted By: someone
Answered: July 22, 2019 3:14 am
Answered: July 22, 2019 3:14 am
I received $1,000 from my employer in lieu of taking company health coverage. Since this was not for work performed, do I have to report this as income?
Yes. There is no exclusion from income for the payment from an employer to an employee who opts not to take company health coverage. This is so even though you would not have been taxed on the health insurance if you’d opted for it instead of the cash payment.
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Tax Glossary
Capital gain or loss
The difference between amount realized and adjusted basis on the sale or exchange of capital assets. Long-term capital gains are taxed favorably. Capital losses are deducted first against capital gains, and then again up to $3,000 of other income.
