- Gains and Losses (19)
- Investment Income (5)
- Other Types of Income (10)
- Retirement Income (4)
- Self-Employment Income (3)
- Wage Income (5)
Tax Treatement of Credit Card Rewards and Frequent Flyer Miles
Rewards and discounts issued by credit card companies and frequent flyer miles are not considered taxable income. However such rewards and discounts can reduce the cost of a tax-deductible expense.
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.
Wage and Salary Income
Persons working as employees receive compensation in the form of wages, salary, and/or tips. Compensation for an employee's labor is taxed partly to the employee and partly to the employer. There are at least four federal taxes imposed on wage and salary income, plus any state and local taxes.
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.
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.
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.
Alimony and Taxes: How to Report Alimony Received
Alimony is income to the person receiving alimony, and is taxable as ordinary income.
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.
A capital gains is a type of income derived from buying and selling capital assets. The difference between what you paid for an investment and what you received when you sold that investment is a capital gain or loss.
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.
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.