Income – Other Income - IRS tax forms

Income Other Income16-1 IntroductionThis lesson will help you determine Other forms of Income and how to report Other sources of Income . Part of the lesson is for all course levels and part is only for the International International part of this lesson will help you report Income earned from worldwide sources. To do this, you need to be able to identify the type of Income and, if reportable, convert it to the equivalent dollar value of the foreign currency. This lesson will cover the foreign earned Income exclusion reported on form 2555, Foreign Earned Income . Income Other IncomeObjectivesAt the end of this lesson, using your resource materials, you will be able to determine: Other types of Income and how to report Other sources of Income Determine the requirements for the cancellation of debt on nonbusiness credit card debt when preparing tax returns Determine when canceled credit card debt is included in gross Income on form 1040 How to properly report Income earned from worldwide sources Who is eligible for the foreign Income exclusion and how to calculate the excludable amount using form 2555, Foreign Earned IncomeHow do I handle Other Income ?

Tax Software Hint: To review information related to reporting gambling income, go to the Volunteer Resource Guide, Tab D, Income, Income Quick Reference Guide. Cash for Keys Program Cash for Keys Program income, which is taxable, is income from a financial institution, offered to taxpayers to expedite the foreclosure process.

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