Other income is reported on Form 1040 line 21,
where you list its type and amount. You can attach a statement to your return with additional information.
The following are examples of income to report on line 21.
Gambling winnings - lotteries, raffles, etc. Report the full amount received.
You cannot offset losses against winnings and report the difference on line 21.
If you itemize, report gambling losses on Schedule A, but not more than winnings claimed.
Prizes and awards received other than in connection with your trade or business.
A prize or award that is received in connection with your trade or business is reported
on Schedule C line 6 or Schedule C-EZ line 1 (if you are self-employed), or on line 7,
Form 1040 (if you are an employee).
Fees for jury duty, or as an executor or administrator of an estate.
Canceled debts - If a debt you owe is canceled or forgiven, other than as a gift
or bequest, you may have to include it in income. Refer to
Publication 525,
Taxable and Non Taxable Income, for exceptions and exclusions.
You may also want to refer to
Publication 908,
Tax Information on Bankruptcy.
Alaska Permanent Fund Dividends
Income from rental of personal property, if you engaged in the rental
for profit but are not in the business of renting property.
Income from an activity not engaged in for profit, such as a hobby.
Damages received for nonphysical injuries or sickness or punitive damages.
Damages received after August 20, 1996 for emotional distress in a case not involving
personal physical injury, except to the extent the damages are paid, for medical care.
Qualified state tuition program earnings
Reimbursements or other amounts received for items deducted in an earlier year,
such as medical expenses, real estate taxes, or home mortgage interest. Refer to
Recoveries in Publication 525,
Taxable and Non-Taxable Income, for details on how to figure the amount to report,
and
Loss on certain corrective distributions of excess deferrals. Refer to
Publication 575,
Pension and Annuity Income.
Note: Income reported on 1099-MISC Box 7 as non-employee
compensation IS NOT included on line 21. See Topic 408.
Publications and forms may be downloaded from this site
or ordered by calling 1-800-829-3676.
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