How to Report Miscellaneous Income

The IRS recently released guidance on how to report miscellaneous income.  The following fact sheet will help you understand miscellaneous income better and how to report it…

FS-2007-26, November 2007

While most people are aware they must include wages, salaries, interest, dividends, tips and commissions as income on their tax returns, many don’t realize that they must also report most other income, such as:

    * cash earned from side jobs,
    * barter exchanges of goods or services,
    * awards, prizes, contest winnings and
    * gambling proceeds.

This fact sheet, the 18th in the Tax Gap series, will help taxpayers better understand miscellaneous income and what they are required to report as taxable on their Form 1040.

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