Income Form IRS Numbers

[street]

Can someone tell me all the IRS Form numbers that would indicate income or a transfer of funds that a person would have to claim as income. For example 1099 0r 1040/W-2. What other form numbers indicate income and a need to claim on tax filings?

It is something I would like to know the answer to before I ask the question to a tax/financial induvial.

Thanks

 

[Senator]

K1.

However, even if you do not get a form and you have income, you have to report it.

 

[kaneohe]

Can someone tell me all the IRS Form numbers that would indicate income or a transfer of funds that a person would have to claim as income. For example 1099 0r 1040/W-2. What other form numbers indicate income and a need to claim on tax filings?

It is something I would like to know the answer to before I ask the question to a tax/financial induvial.

Thanks

interesting question......I'm sure there are others but can't think of any at the moment. The 1099 is most common........most have suffixes like INT,DIV, B,K, G,MISC, etc. At least one has a prefix SSA (for SS).
If you have a rental, you may not get a tax form from yourself but hopefully you have the info.

 

[SevenUp]

The W2, K1, and all the various 1099s are the most common.

See section D of https://www.irs.gov/pub/irs-pdf/p4012.pdf for one list of common income types.

 

[street]

K1.

However, even if you do not get a form and you have income, you have to report it.

Not trying to NOT, pay taxes as your intention to your answer/question.

 

[Sunset]

Problem is sometimes you get money and there is no form, yet this often has to be claimed as income. So just knowing the form name doesn't mean much, especially as the post office can lose a form in the mail.

 

[lemming]

https://turbotax.intuit.com/tax-tip...taxable-income-what-you-should-know/L0h4j5DZQ
You will need info about health insurance and any Premium credits you had.
The 1040 form shows all the types of income you report. They are reported to you on
forms or you use your records of income to find gross amounts received. See this info under general reporting https://www.irs.gov/businesses/small-businesses-self-employed/a-guide-to-information-returns for form numbers.
I didn't find the new forms and schedules to be very intuitive-mostly I let the software do its thing.

 

[SecondCor521]

Another way to look at things is that most money that comes into your financial life is taxable income unless it isn't.

Examples of money coming into your life that isn't taxable income to you in the current year:

1. Gifts.
2. Inheritances.
3. Refunds and rebates.
4. Reimbursements for work expenses.
5. Dividends, interest and capital gains which occur inside of IRAs, 401(k)s and other similar tax-deferred vehicles.

There may be other categories but the above is all I can think of at the moment.

 

[Offgrid Organic Farmer]

My grandfather kept a separate jar on his desk, anytime that he saw a penny on the ground he would pick it up and when he got home he would put that penny into the jar. Every month he would empty the jar and give the money to his church.

If he were to keep the penny, he would then need to report it to the IRS and pay taxes on it. Which was why he refused to keep found money for himself.

Every penny that you make needs to be reported.

 

[pb4uski]

^^^^ Technically, he would have reported it as income and then would be allowed an offsetting deduction for a charitable contribution if he itemized deductions... if he took the standard deduction then he understated his income.

 

[street]

Thanks everyone.

 

[drb391]

got my first ever W-2G the other day. woo-hoo. fortunately (or not), found W/L statements to cover it

 

[kaneohe]

got my first ever W-2G the other day. woo-hoo. fortunately (or not), found W/L statements to cover it

not sure what you mean here.............but if you mean that the losses cover the winnings so you don't have to report what's on the W2-G........that's a misconception. As w/ the penny found/donated explanation by pb4uski,
gambling winnings are declared as income on the 1040. Gambling losses
(up to amt of winnings) are deducted separately (if you can itemize). They are not netted directly against each other.

 

[drb391]

yeah, know still have to report it, and as it's the first time, not sure how it works come tax-time. but I'm sure turbotax will figure it out for me. not a huge amount, anyway; just over the have-to-report amount