Transcription of Income – Wages, Interest, Etc.
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Income – Wages, Interest, Etc.
Income Wages, interest , Wages, interest , is the first of nine lessons covering the Income section of the taxpayer s return. A critical component of completing the taxpayer s return is distinguishing between taxable and nontaxable Income and knowing where to report the different types of Income on Form 1040. What do I need? Form 13614-C Publication 4012 Publication 17 Optional: Form 1040 Instructions Form 1099-PATR Schedule B Publication 531 Publication 550 Publication 926 Publication 970 ObjectivesAt the end of this lesson, using your resource materials, you will be able to: Compute taxable and nontaxable Income Distinguish between earned and unearned Income Report Income correctly on Form 1040 The following chart will help you select the appropriate topic for your certification CourseBasicAdvancedMilitaryInternational Wages & Reported Tips Unreported Tip Income Scholarship and Fellowship Income interest Income Dividend Income Taxable Refunds Alimony Received Business Income Capital Gain/Loss Other Gains/LossesN/AN/AN/AN/AIRA Distributions* Pensions/Annuities* Rental Income Schedule K-1 Distributions Farm IncomeN/AN/AN/AN/AUnemployment Compensation Social Security Benefits Other Income Foreign Ea
Generally, Form 1098 reports expenses the taxpayers have paid, not income they have received.) Tax Software Hint: After you have collected all the income statements, review the pages on Income Documents and How/Where to Enter Income in the Volunteer Resource Guide, Tab D, Income.
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