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Submitted By: someone
Answered: May 6, 2019 9:49 pm
Answered: May 6, 2019 9:49 pm
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
Modified adjusted gross income (MAGI)
This is generally adjusted gross income increased by certain items such as tax-free foreign earned income. MAGI usually is used to determine phaseouts of certain deductions and credits.
