How do you track imputed earnings with a paycheck

MGB

i receive imputed earnings on my paycheck that are taxable and i want it to show in my tax planner, how would i set that up?

NotACPA

Elaborate upon "imputed earnings". What exactly are they? Do they impact your net income?

If they're something like the value of company paid life insurance, AND if you're using the Paycheck Wizard, then include them in EARNINGS, but subtract the same amount out in "After Tax Deductions".

MGB

yes they impact net income, they are listed as Imputed Earnings and are for health insurance. Definitely affect Gross earnings.

I will try your method, thanks

MGB

when subtracting the same amount in after tax deductions do i use the same category?

NotACPA

But if they impact net income, then my previous answer doesn't apply … because that answer results in no impact to Net Income.

You just need to include it in the Earnings section of the Wizard, that same as any other income category.

My wife, before she retired, had "imputed income" for Group Term Life, which was taxable, but didn't impact Net Income. She also got add'l income for being On-Call (she was a Nurse Practitioner), and that was yet another Earning that impacted Gross, but On-Call impacted Net also.

MGB

ok so create the category in earnings only?

NotACPA

Wait, now I'm getting confused. How is Health Insurance an income item, without an offsetting expense? Most of us PAY for our insurance … we don't get paid for it (i.e., income).

Are you, perhaps, getting an income item for your Health Insurance (a company subsidy?) and then a larger amount as a Health Insurance expense?