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Category: Other Income
24 Articles
Orange arrow Is alimony income reported?

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  Alimony is deductible by the payer and must be included in the spouse's or former spouse's income. Although this answer is generally written for the payer of the alimony, the recipient can use the information to determine whether an amount received is alimony. To be alimony, a payment must meet ce...
Orange arrow Capital Gains

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  Almost everything owned and use for personal purposes or investment is a capital asset. Examples people's home, household furnishings, and stocks or bonds held in personal accounts. When you sell a capital asset, the difference between the amount you sell it for and your basis, which is usually w...
Orange arrow Distribution From a Foreign Trust

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  If you received a distribution from a foreign trust, you must provide additional information. For this purpose, a loan of cash or marketable securities generally is considered to be a distribution. See Instructions for Form 3520 for details. If you were the grantor of, or transferor to, a foreign ...
Orange arrow Other Income

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  Do not report on line 21 any income from self-employment or fees received as a notary public. Instead, you must use Schedule C, C-EZ, or F, even if you do not have any business expenses. Also do not report on line 21 any nonemployee compensation shown on Form 1099-MISC. Instead, see the chart on Pa...
Orange arrow Unemployment Compensation

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  The taxpayer should receive a Form 1099-G showing the total unemployment compensation paid to them. If the taxpayer received an overpayment of unemployment compensation last year and they repaid any of it last year, the program will have a place for this amount. This amount will be subtracted from...
Orange arrow Antique/Collectible

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  A collectibles gain or (loss) is any long-term gain or deductible long-term loss from the sale or exchange of a collectible that is a capital asset. Collectibles include a work of art, rug, antique, metal (such as gold, silver, and platinum bullion), gem, stamp, coin, or alcoholic beverage held mo...
Orange arrow Collectible (28% Gain)

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  A 28% rate gain or loss is: Any collectibles gain or loss, or The part of your gain on qualified small business stock that is equal to the section 1202 exclusion. If this applies, check the 28% Gain box during your interview. To determine amount of 28% Gain, fill out the worksheet on Schedu...
Orange arrow Form 2555 - Foreign Earned Income

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  Purpose of Form If you qualify, you can use Form 2555 to figure your foreign earned income exclusion and your housing exclusion or deduction. You cannot exclude or deduct more than your foreign earned income for the year. You may be able to use Form 2555-EZ, Foreign Earned Income Exclusion, if yo...
Orange arrow Qualified State Tuition Program Earnings and Alaska Permanent Fund Dividends

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  Qualified State Tuition Program Earnings, and Alaska Permanent Fund Dividends , Qualified State Tuition Earnings File Form 1099-Q, Payments From Qualified Education Programs (under Sections 529 and 530) if you a) are an officer or employee, or the designee of an officer or employee, having contr...
Orange arrow Taxable Refunds

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  Taxable Refunds, Credits, or Offsets of State and Local Income Taxes None of your refund is taxable if, in the year you paid the tax, you either a) did not itemize deductions or b) elected to deduct state and local general sales taxes instead of state and local income taxes. If you itemized you...
Orange arrow How do I report my unemployment income?

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  You should receive a Form 1099-G showing the total unemployment compensation paid to you last year. If you received an overpayment of unemployment compensation last year and you repaid any of it last year, subtract the amount you repaid from the total amount you received. Include the result in the ...
Orange arrow What is form 1099 Q?

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  Form 1099-Q is sent to a taxpayer to report distributions taken from a Coverdell ESA, 529 plan or other Qualified tuition program. More Information: If money is withdrawn from a qualified tuition program such as a Coverdell ESA or 529 plan, the taxpayer will receive Form 1099-Q to report the dist...
Orange arrow Form 8814 - Parents' Election to Report Child's Interest and Dividends

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  Use this form if you elect to report your child’s income on your return. If you do, your child will not have to file a return. You can make this election if your child meets all of the following conditions. • The child was under age 19 (or under age 24 if a full-time student) at the end...
Orange arrow Form 2439 - Notice to Shareholder of Undistributed Long-Term Capital Gains

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  Instructions for the ShareholderSection references are to the Internal Revenue Code. Reporting Information Box 1a. This amount is your total undistributed long-term capital gain from your regulated investment company (RIC) or real estate investment trust (REIT). Report the total amount as a long-t...
Orange arrow Form 4797 - Sales of Business Property (Who should use this form.)

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  Use Form 4797 to report: • The sale or exchange of: 1.Property used in your trade or business; 2.Depreciable and amortizable property; 3.Oil, gas, geothermal, or other mineral properties; and 4.Section 126 property. • The involuntary conversion (from other than casualty or theft)...

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