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What Is Other Income on Form 1040?
Key Takeaways
- Other income on Form 1040 refers to income that isn't assigned a specific line on a 1040 tax return or Schedule 1 form.
- You typically have to report other income if you receive money or goods that aren't included on a W-2 or most 1099s.
- Canceled debts and foreign income are typically reported as other income.
- Child support, alimony, Roth IRA distributions, gifts, and self-employment income aren't reported as other income.
- You report other income by filling in line 10 on Schedule 1 and transferring the total to line 8 on Form 1040.
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How Other Income on Form 1040 Works
Other income is the total of all income you receive during the year that is not wage-related. Schedule 1 is the form you use to figure out your other income.
You take the amount from Schedule 1 of your other income and put that amount on line 8 on your Form 1040 when you are doing your taxes.
Other income includes earnings other than wages or income from self-employment, retirement income, investments, foreign income, and canceled debts
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