1 / 13

Other Income

Other Income. Pub 4491 – Page 149. Intake/Interview. Form 1040 – Line 21. Examples:. Pub 17, pg 94. Reported on 1099-MISC, Box 3 Gambling winnings including lotteries and raffles Prizes and awards Jury duty pay Medical study subject pay. National Mortgage Settlement.

edda
Download Presentation

Other Income

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Other Income Pub 4491 – Page 149 NTTC Training – 2013

  2. Intake/Interview NTTC Training – 2013

  3. Form 1040 – Line 21 NTTC Training – 2013

  4. Examples: Pub 17, pg 94 • Reported on 1099-MISC, Box 3 • Gambling winnings including lotteries and raffles • Prizes and awards • Jury duty pay • Medical study subject pay NTTC Training – 2013

  5. National Mortgage Settlement • Taxpayers may receive a settlement payment in 2013 • Relates to a home lost in foreclosure 2008 - 2011 • Must be COD certified or refer to paid preparer NTTC Training – 2013

  6. Other Income • Generally does NOT include 1099-MISC non-employee compensation (Box 7) which is business income – Sch C • Does NOT include 1099-MISC rent or royalty income which are reported on Form 1040 line 17 • Includes income not reported on other lines and schedules NTTC Training – 2013

  7. Line 21 in TaxWise Link to Wkt 7 Other Income Worksheet NTTC Training – 2013

  8. Link to W-2G If no W-2G, use L 16 NTTC Training – 2013

  9. NTTC Training – 2013

  10. Bottom of W-2G Check if not taxable by state NTTC Training – 2013

  11. Income – Quality Review The final question with respect to income: Did you have any other income? NTTC Training – 2013

  12. Other Income Questions? Comments… NTTC Training – 2013

  13. Let’s Practice • Open Kent/Bryant Pub 4491W pp 66-67 and enter • Unemployment Compensation • Social Security Benefits and • W-2G (Gambling) Income Check refund monitor NTTC Training – 2013

More Related