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Other Income

On line 21 of the IRS tax form 1040, report other income not covered on line 7 of the form 1040 through 20b.

Examples of other income that need to be reported to the IRS

Below are examples of other income that need to be included in the tax form 1040 line 21:

  • prizes
  • awards
  • lottery winnings
  • jury duty pay

How to report other income on the 1040 form?

The amount is entered in the box on line 21 and the description of the type of income is entered on the dotted line next to line 21.

What are gambling income?

Gambling income incldes but is not limited to:

  • winnings from lotteries,
  • raffles
  • horse and dog races
  • casinos winnings
  • fair market value of prizes such as cars, houses, trips or other noncash prizes
When to report gambling winnings?

Generally if you receive $600 or more in gambling winnnings, the payer is required to issue you a Form W-2G, Certain Gambling Winnings.

How to report Gambling income?

Gambling income is reporte on line 21 of the form 1040. If you itemize your deductions on schedule A, you can deduct your gambling losses for the year, but only up to the amount of your winnings.



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