Income - Wages Form 1040 Line 7 Pub 4012 Tabs D, 2 LEVEL 2 TOPIC

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Income - Wages Form 1040 Line 7 Pub 4012 Tabs D, 2 LEVEL 2 TOPIC 4491-08-A Income - Wages v0.8 VO.ppt Income - Wages Form 1040 Line 7 Pub 4012 Tabs D, 2 LEVEL 2 TOPIC 11/19/2010 DRAFT NJ Training TY2010 v0.8

Income Overview Distinguish between taxable and nontaxable income Notes/Handouts 1/13/2019 Income Overview Distinguish between taxable and nontaxable income Know where to report different types of income Complete necessary forms Losses may be allowable on Federal but not on State WE WILL LOOK AT SEVERAL VARIETIES OF DISTINCTIONS 11/19/2010 DRAFT NJ Training TY2010 v0.8 NJ Training TY 2008 2

Income Categories Earned Income Self Employment Income Notes/Handouts 1/13/2019 Income Categories Earned Income Self Employment Income Investment Income Retirement Income Miscellaneous Income 11/19/2010 DRAFT NJ Training TY2010 v0.8 NJ Training TY 2008

Taxable Income Wages, bonuses, tips, certain scholarships Notes/Handouts 1/13/2019 Taxable Income Wages, bonuses, tips, certain scholarships Interest, dividends Business, hobby income Capital gains (stocks, property) Pensions, annuities, IRAs Rents, royalties Unemployment Compensation Social Security Benefits (part maybe) Gambling winnings State Income and Property Tax Refunds (Maybe) 11/19/2010 DRAFT NJ Training TY2010 v0.8 NJ Training TY 2008

Nontaxable Income Child support Federal income tax refund Notes/Handouts 1/13/2019 Nontaxable Income Child support Federal income tax refund Gifts, bequests, inheritances Interest on State/Local Government bonds Interest on Series EE and used for education Veteran’s disability, interest on VA dividend Worker’s compensation Qualified scholarships, fellowships Supplemental Security Income (SSI) 11/19/2010 DRAFT NJ Training TY2010 v0.8 NJ Training TY 2008

Employee Compensation Notes/Handouts 1/13/2019 Employee Compensation Wages, salaries, tips, severance pay, bonuses, and commissions Cash, goods and services, awards, and taxable benefits Pre-Retirement disability payments Employee compensation usually reported on Form W-2, Wage and Tax Statement All taxable even if not reported on W-2 11/19/2010 DRAFT NJ Training TY2010 v0.8 NJ Training TY 2008

Tips Tips must be reported as Income Usually reported on W-2 in either Notes/Handouts 1/13/2019 Tips Tips must be reported as Income Usually reported on W-2 in either Box 1 – Wages Box 7 – Social Security Tips Box 8 – Allocated Tips Unreported tips – use Form 4137 Refer to Pub 17, Chapter 6 and Pub 4012, Tab 2 11/19/2010 DRAFT NJ Training TY2010 v0.8 NJ Training TY 2008

Scholarships And Fellowships Notes/Handouts 1/13/2019 Scholarships And Fellowships Amounts received for tuition, fees and books are not taxable Amounts received for room, board & travel are taxable and reported on line 7, wages on 1040 form If no W-2, enter data on a 1040 Income Worksheet #1 in TaxWise 11/19/2010 DRAFT NJ Training TY2010 v0.8 NJ Training TY 2008

OTHER LINE 7 INCOME Household employee income not on W-2 Enter on TW 1040 Wkt 1 Taxpayer (TP) under retirement age but on disability (1099-R, Box 7, Code 3) In TW, on red line below Box 7, check that it is “disability and TP is disabled” 11/19/2010 DRAFT NJ Training TY2010 v0.8

Form W-2 1040, line 7 1040, line 7 1040, line 61 Form 2441,line 12 Notes/Handouts 1/13/2019 Form W-2 1040, line 7 1040, line 7 1040, line 61 Form 2441,line 12 11/19/2010 DRAFT NJ Training TY2010 v0.8 NJ Training TY 2008

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