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
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 5
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 6
TAX-AIDE
Line 21 in TaxWise
Link to Wkt 7 Other Income Worksheet
NTTC Training – 2013 7
TAX-AIDE
Link to W-2G
NTTC Training – 2013 8
If no W-2G, use L 16
TAX-AIDENTTC Training – 2013 9
TAX-AIDE
Bottom of W-2G
Check if not taxable by state
NTTC Training – 2013 10
TAX-AIDE
Income – Quality Review
The final question with respect to income:
Did you have any other income?
NTTC Training – 2013 11
TAX-AIDE
Other Income
Questions?
Comments…
NTTC Training – 2013 12
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 13