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.

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Tax Glossary

Trust

An arrangement under which one person transfers legal ownership of assets to another person or corporation (the trustee) for the benefit of one or more third persons (beneficiaries).

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