gross_income_checklist - WK_: U.S. Master Tax Guide (2011),...

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Unformatted text preview: WK_: U.S. Master Tax Guide (2011), 55, Checklist for Items of Income.pdf 2011 Wolters Kluwer. All rights reserved. 1 U.S. Master Tax Guide (2011), 55, Checklist for Items of Income Click to open document in a browser The determination of whether an item of income is includible in income and, thus, taxable, or whether it is excludable from income is crucial to the determination of tax liability. An item that is includible increases tax liability, depending on the amount, whereas an excludable item decreases tax liability. The following chart, which is arranged alphabetically by income item, indicates whether the item is includible or excludable from income. A reference to further details in the U.S. Master Tax Guide is also provided. Income Item Includible in Income Paragraph Reference Accident and health insurance premiums, employer-paid (except for long- term care benefits provided through flexible spending accounts and subject to limitation as to medical savings accounts) ................................ No 859 Accident and health plans proceeds (under insurance purchased by taxpayer or under employee supported plans) where premiums did not give taxpayer a previous medical expense deduction ................................ No 853 Agreement not to compete, payments received for ................................... Yes 713 Airline deregulation benefits, special rule, unemployment compensation .. Yes 722 Alaska Permanent Fund dividends ............................................................ Yes 124 Alimony, support and separate maintenance payments, receipt of ............ Yes 772 Allowances received by dependents of members of the Armed Forces ..... No 896 Annuities (amounts in excess of cost) ....................................................... Yes 819 Annuities, interest on advance premiums .................................................. Yes 724 Annuity contract, death benefit .................................................................. Yes 817 Antitrust action, punitive damages recovered ............................................ Yes 852 Armed Forces pay (except combat zone or missing status pay) ........... Yes 891 Athletic facilities on employer's premises, value of use ............................. No 863 Attorney's contingent fee, includible in plaintiff's gross income .................. Yes 852 Awards, generally ....................................................................................... Yes 852 Back pay .................................................................................................... Yes 852 Bad debts, prior taxes and interest on taxes, recovery of, provided no tax benefit in prior year .................................................................................... No 799 Bargain purchases from employer to extent discount exceeds gross profit percentage ..................................................................................................percentage ....
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gross_income_checklist - WK_: U.S. Master Tax Guide (2011),...

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