Other Income

Form 1040-NR - Reporting gambling winnings and losses

In general, nonresident aliens are subject to the 30% tax on the gross proceeds from gambling won in the United States if that income is not effectively connected with a U.S. trade or business (ECI) and is not exempted by treaty.

Digital Assets Reported as Ordinary Income

A digital asset refers to any digital representations of value that are recorded on a cryptographically secured distributed ledger or any similar technology.

Form 8992 - U.S. Shareholder Calculation of Global Intangible Low-Taxed Income (GILTI)

Form 8992 is used by a US shareholder of a controlled foreign corporation (CFC) to calculate their Global Intangible Low-Taxed Income (GILTI) inclusion.

Other Income - Section 951A(a) inclusion

Form 8992 is used by a US shareholder of a controlled foreign corporation (CFC) to calculate their Global Intangible Low-Taxed Income (GILTI) inclusion.

Other Income - Stock Options

Report here the income from the exercise of stock options not otherwise reported as compensation on Form W-2.

Other Income - Taxable Jury Duty Pay

Any jury duty pay received is included in Other Income.

Other Income Not Reported Elsewhere

Income that does not have its own line on Form 1040 is generally reported on the Form 1040, Schedule 1, Other Income, unless it is considered earned income.

How to report Election worker income without a source document

Election workers who make less than the IRS threshold of $600 may not receive a W-2 reporting the wages, however that income is still required to be reported as income on the tax return.

Form 1099-PATR

IRS Form 1099-PATR is a document used by a cooperative to report patronage dividends and other taxable distributions as well as to report backup withholding of federal income tax.

Tax Years 2021 and forward - Where To Report Certain Items From Forms W-2, 1098, and 1099

IRS Form 1099-G, Box 5 RTAA Payments (Re-employment Trade Assistance Adjustment)

Reemployment trade adjustment assistance is a supplement available to certain individuals who have lost their jobs due to foreign trade.

1099-G Box 6 - Taxable Grants

A taxpayer may receive a taxable grant from a government agency such as the Small Business Administration (SBA) or from a nonprofit organization.

Form 8915-F - COVID-19 Retirement Plan Distributions and Repayments

Unlike Forms 8915-A through E that dealt with specific years, the IRS calls Form 8915-F a "forever" form to the extent that it will be used for disaster years 2020-2024.

Where to enter gambling income

Before exiting the W-2G menu you will have the opportunity to enter the gambling losses associated with the winnings on the W-2G, if desired.

Form 8949 - Sales and Dispositions of Capital Assets

When entering information in the Form 8949 menu in Tax Processors Plus Desktop, always enter exactly what shows on the form or statement for the sales price and cost basis.

Form 1099-G, Box 1 - Unemployment Compensation

Unemployment compensation is generally included in gross income reported on the taxpayer's individual tax return. (An exception is if the taxpayer contributed to a governmental program and the contributions weren't deductible.

Form 1099-C - Cancellation of Debt / Form 982 - Reduction of Tax Attributes

Generally, debt is considered canceled when the lender either forgives or discharges the debt for less than the full amount owed.

IRS Form 1099-G, Certain Government Payments

IRS Form 1099-G, Certain Government Payments is provided to a taxpayer or entity that received certain payments from federal, state, or local governments.