TAX-AIDE Other Income Pub 4491 – Page 149 NTTC Training – 2013 1

TAX-AIDE

TAX-AIDE

Other Income

Pub 4491 – Page 149

NTTC Training – 2013 1

TAX-AIDE

Intake/Interview

NTTC Training – 2013 2

TAX-AIDE

Form 1040 – Line 21

NTTC Training – 2013 3

TAX-AIDE

Examples:

●Reported on 1099-MISC, Box 3

●Gambling winnings including lotteries and raffles

●Prizes and awards

● Jury duty pay

●Medical study subject pay

Pub 17, pg 94

NTTC Training – 2013 4

TAX-AIDE

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 5

TAX-AIDE

Line 21 in TaxWise

Link to Other Income Worksheet

NTTC Training – 2013 6

TAX-AIDE

Link to W-2G

NTTC Training – 2013 7

TAX-AIDENTTC Training – 2013 8

TAX-AIDE

Bottom of W-2G

Check if not taxable by state

NTTC Training – 2013 9

TAX-AIDE

Income – Quality Review

The final question with respect to income:

Did you have any other income?

NTTC Training – 2013 10

TAX-AIDE

Other Income

Questions?

Comments…

NTTC Training – 2013 11

TAX-AIDE

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 12