Other Income
38 articles across 4 subsections
Other Compensation
8 articles →
Schedule K-1 (Form 1041)
2 articles →
Schedule K-1 (Form 1065)
7 articles →
Schedule K-1 (Form 1120-S)
6 articles →
Articles in Other Income
Schedule E Line 27
IRS Schedule E Part II concerns income or loss the taxpayer received from partnerships and S corporations.
Income or Loss from REMICS
If the taxpayer holds a residual interest in a REMIC, they need to report their total share of the REMIC's taxable income or loss.
Net Operating Loss Carryover (NOL)
If the taxpayer's prior year federal income tax return had a net operating loss (NOL), or NOL carryover to the current tax year, it will need to be applied to this year's tax return.
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.
Where to enter gambling winnings and losses
As noted above, gambling losses related to the winnings reported on Form W-2G can be entered in the same menu as the W-2G, and the losses will flow to Schedule A.
IRS Form 1099-G, Box 5 RTAA Payments
Reemployment Trade Adjustment Assistance (RTAA) supplements wages for eligible workers over the age of 50, paying up to 50% of the difference in wages for new employment that pays less than their trade-affected employment.
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.
Form 1099-Q - Payments from Qualified Education Programs
A taxpayer will receive Form 1099-Q if they received a distribution from a qualified tuition program (QTP) under section 529 or a Coverdell education savings account (CESA).
Form 1099-C - Cancellation of Debt / Form 982 - Reduction of Tax Attributes
In general, the cancellation of debt results in taxable income.
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.
Form 6252, Installment Sale
An installment sale is a sale of property in which the taxpayer receives at least one payment for the sale after the tax year of the sale.
Form 4797- Sale of Business Property
If an asset is sold or otherwise disposed of, you need to determine if you will enter the sale information directly on Form 4797 or on another form.
Form 8824 - Like Kind Exchanges
IRS Form 8824 reports like-kind exchanges of real property, deferring gain and calculating basis and taxable gain.
Form 6781 - Contracts and Straddles
Gain from the sale of a hedge is treated as ordinary income.
Form 461 - Limitation on Business Losses
For noncorporate taxpayers (individuals, estates, trusts, and exempt organizations filing Form 990-T), business losses in excess of the loss limitation threshold generally cannot be claimed in the year of the loss but must be carried forward as a NOL.