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A
arieza23
June 1, 2019
Question

How do i handle severance pay reported on my w2. my income went sky high because of severance pay which is taxed. a lot from my severance pay went to my taxes. help!

  • June 1, 2019
  • 3 replies
  • 0 views
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3 replies

N
NicoleR
June 1, 2019
Is this military severance pay from a medical retirement?  If so, do you have your VA rating yet?
A
arieza23Author
June 1, 2019
thank youit is not a severance pay from a medical retirement. my former employer died and i got a severance pay.
J
Josh_R
June 1, 2019

If you received severance pay, including payment for unused vacation or sick days, those amounts are fully taxable as income. Those amounts will be included on the W-2 form you receive from your former employer. They are not tax deductible.

A
arieza23Author
June 1, 2019
Do i need to report what is my regular earnings from what i have received as a severance pay?
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