Types of Income
Discover the different types of taxable income, and how income is reported on Form 1040 when preparing your taxes.
Canceled Mortgage Debt and Taxes
Normally, debt that is forgiven or canceled by a lender is considered taxable income to the debtor. But there are exceptions in the case of mortgages under the Mortgage Forgiveness Debt Relief Act. Learn more about the exclusions for mortgage debt.
Normally, debt that is forgiven or canceled by a lender is considered taxable income to the debtor. But there are exceptions in the case of mortgages under the Mortgage Forgiveness Debt Relief Act. Learn more about the exclusions for mortgage debt.
Canceled Debt & Mortgage Forgiveness
Anytime a lender cancels, or forgives, your debt, that is considered income to the debtor. Canceled debt on a main home may be tax-free, providing welcome tax relief to people who have lost their homes through foreclosure.
Anytime a lender cancels, or forgives, your debt, that is considered income to the debtor. Canceled debt on a main home may be tax-free, providing welcome tax relief to people who have lost their homes through foreclosure.
Wages: How to Report Your Wages from Form W-2
Wages and salaries are reported on Form 1040 Line 7. Find out how to read your Form W-2 Wage and Tax Statement, and what to do if you don't receive a W-2 from your employer.
Wages and salaries are reported on Form 1040 Line 7. Find out how to read your Form W-2 Wage and Tax Statement, and what to do if you don't receive a W-2 from your employer.
Interest Income: Reporting Interest and Tax-Exempt Interest
Interest income from banks, money market funds, and tax-exempt bonds are reported on your tax return. Find out how to report your interest income on Form 1040 Line 8.
Interest income from banks, money market funds, and tax-exempt bonds are reported on your tax return. Find out how to report your interest income on Form 1040 Line 8.
Dividend Income: Reporting Dividends and Qualified Dividends
Dividends from stocks and mutual funds are reported on your tax return. Find out when you need to fill out Schedule B, and what amounts go on Form 1040 Line 9a and 9b.
Dividends from stocks and mutual funds are reported on your tax return. Find out when you need to fill out Schedule B, and what amounts go on Form 1040 Line 9a and 9b.
Taxable Refunds: Figuring the Taxable Portion of State Tax Refunds
Learn how to report last year's state tax refund on this year's tax return. Instructions for Form 1040 Line 10.
Learn how to report last year's state tax refund on this year's tax return. Instructions for Form 1040 Line 10.
Alimony and Taxes: How to Report Alimony Received
Report the full amount of alimony, or separate maintenance, you received in 2005. Do not report any amounts received for child support. Your ex-spouse must report alimony paid along with your Social Security Number to the IRS.
Report the full amount of alimony, or separate maintenance, you received in 2005. Do not report any amounts received for child support. Your ex-spouse must report alimony paid along with your Social Security Number to the IRS.
Business Income: Reporting Business Income or Loss on Form 1040
Report business income from self-employment on Form 1040 Line 12. Tips for reporting your net profit or loss from self-employment on Schedule C.
Report business income from self-employment on Form 1040 Line 12. Tips for reporting your net profit or loss from self-employment on Schedule C.
Capital Gains: Essential Tax Tips for Capital Gains & Losses
Capital gains are reported on Schedule D, with net capital gains or losses reported on Form 1040, Line 13. Learn all the essentials about capital gains.
Capital gains are reported on Schedule D, with net capital gains or losses reported on Form 1040, Line 13. Learn all the essentials about capital gains.
Ordinary Gains / Losses (Form 1040 Line 14)
How to report ordinary gains on Form 1040 line 14. Figuring and reporting your ordinary gains and ordinary losses from the sale of business assets.
How to report ordinary gains on Form 1040 line 14. Figuring and reporting your ordinary gains and ordinary losses from the sale of business assets.
IRA Distributions (Form 1040 Line 15)
How to report IRA distributions on Form 1040 Line 15. Tips for figuring and reporting non-taxable and taxable Individual Retirement Account distributions, withdrawals, and rollovers.
How to report IRA distributions on Form 1040 Line 15. Tips for figuring and reporting non-taxable and taxable Individual Retirement Account distributions, withdrawals, and rollovers.
IRA Withdrawals (Form 1040 Line 15)
How to report IRA withdrawals on Form 1040 Line 15. Tips for figuring and reporting non-taxable and taxable Individual Retirement Account withdrawals, distributions, and rollovers.
How to report IRA withdrawals on Form 1040 Line 15. Tips for figuring and reporting non-taxable and taxable Individual Retirement Account withdrawals, distributions, and rollovers.
Pensions and Annuities: Reporting the Taxable Portion
Reporting the taxable portion of pension and annuity income can get a little tricky. Covers when to use the Simplied Method, and when you must use the General Rule. Links to essential tax information on pension and annuity income from the IRS.
Reporting the taxable portion of pension and annuity income can get a little tricky. Covers when to use the Simplied Method, and when you must use the General Rule. Links to essential tax information on pension and annuity income from the IRS.
Rental Income and Loss: Form 1040 Schedule E
The key to mastering the Schedule E is to organize your income and expenses using a spreadsheet or personal finance software program. In my experience, clients who keep detailed summaries of their rental property expenses are the ones who benefit most at tax time from the generous tax rules regarding rental income.
The key to mastering the Schedule E is to organize your income and expenses using a spreadsheet or personal finance software program. In my experience, clients who keep detailed summaries of their rental property expenses are the ones who benefit most at tax time from the generous tax rules regarding rental income.
S-Corporation Profits: Reporting 1120S Schedule K-1 Income
Shareholders receiving a Schedule K-1 must report the amounts on IRS Form 1040 Schedule E, page 2. Generally speaking, ordinary net business income or loss is reported on Schedule E. Other income items are reported in the appropriate part of the 1040 tax return.
Shareholders receiving a Schedule K-1 must report the amounts on IRS Form 1040 Schedule E, page 2. Generally speaking, ordinary net business income or loss is reported on Schedule E. Other income items are reported in the appropriate part of the 1040 tax return.
Partnership Income: Reporting 1065 Schedule K-1 Income
Partners receiving a Schedule K-1 must report the amounts on IRS Form 1040 Schedule E, page 2. Generally speaking, ordinary net business income or loss is reported on Schedule E. Other income items are reported in the appropriate part of the 1040 tax return.
Partners receiving a Schedule K-1 must report the amounts on IRS Form 1040 Schedule E, page 2. Generally speaking, ordinary net business income or loss is reported on Schedule E. Other income items are reported in the appropriate part of the 1040 tax return.
Farm Income: Report Farming Income on Schedule F
Farmers report their net profit or loss from farming on IRS Form 1040 Schedule F. This form reports income and expenses for self-employed farmers. Tax tips for farmers, plus links to essential IRS resources.
Farmers report their net profit or loss from farming on IRS Form 1040 Schedule F. This form reports income and expenses for self-employed farmers. Tax tips for farmers, plus links to essential IRS resources.
Unemployment Compensation
Report unemployment compensation as taxable income on Form 1040, 1040A, or 1040EZ. Tips for where to report the unemployment, and how unemployment compensation is treated under the tax law.
Report unemployment compensation as taxable income on Form 1040, 1040A, or 1040EZ. Tips for where to report the unemployment, and how unemployment compensation is treated under the tax law.
Social Security: Taxable Portion of Social Security Benefits
Social Security benefits are taxed depending on your total income from all sources. Here's how to calculate how much of your Social Security benefits is taxable.
Social Security benefits are taxed depending on your total income from all sources. Here's how to calculate how much of your Social Security benefits is taxable.
Foreign Income: Reporting Foreign Earned Income and Wages
Americans working abroad can exclude up to $80,000 per year from their US taxable income. Find out about the foreign earned income exclusion (IRS Form 2555), along with helpful tips for preparing an expatriate tax return.
Americans working abroad can exclude up to $80,000 per year from their US taxable income. Find out about the foreign earned income exclusion (IRS Form 2555), along with helpful tips for preparing an expatriate tax return.
Other Income: Prizes, Awards, Gambling Winnings, Jury Duty
How to fill out your Form 1040 line 21, other income. Reporting various income items such as prizes, awards, gambling winnings, jury duty fees, and other income.
How to fill out your Form 1040 line 21, other income. Reporting various income items such as prizes, awards, gambling winnings, jury duty fees, and other income.