How Do I Report Income From Different Sources On My Tax Return?

Reporting Income on Your Tax Return

1. Employment Income (W-2): Report income from all employers on Form W-2, and file on the designated lines of your tax return, such as Form 1040 (U.S.) or its equivalent.

2. Self-Employment Income (1099-MISC, 1099-NEC, etc.): Report self-employment income from Form 1099-MISC or 1099-NEC on Schedule C of your tax return, including relevant business expenses.

3. Investment Income (1099-INT, 1099-DIV, 1099-B, etc.): Report interest income, dividends, and capital gains/losses from investments on your tax return. Interest and dividends go on Schedule B, while capital gains/losses go on Schedule D.

4. Retirement Income (1099-R): Report retirement distributions from IRAs, 401(k)s, pensions, and annuities on Form 1099-R, and include them on relevant lines of your tax return, possibly on Form 1040, Schedule 1, or related schedules.

5. Rental Income (Schedule E): Report rental income and expenses, including mortgage interest, property taxes, maintenance, and depreciation, on Schedule E or its equivalent for your rental property.

6. Miscellaneous Income (1099-MISC): Report miscellaneous income, like royalties, awards, prizes, or gambling winnings, potentially listed on Form 1099-MISC, on suitable lines of your tax return, which might include Form 1040, Schedule 1, or relevant schedules.

7. Social Security and Other Benefits: Report taxable Social Security benefits, unemployment compensation, and other government benefits on your tax return as instructed on the tax forms you receive.

8. Foreign Income: Report foreign income on your tax return, and seek advice from tax experts for guidance on any special requirements or treatments.