Besides my W2 and 1099's, what other types of income do I need to report?

Income that is indicated on a W-2 or 1099 may not be the only income that you receive. Other types of income must also be noted on your tax return. The minimum income level that triggers a filing requirement varies with your age, filing status and the type of income you receive. These levels are set by the IRS and can change each year. The requirement to file a tax return is usually tied to your age, income level and filing status.

In general, if you receive only W-2 income you don’t have to file a return as long as your income falls below the filing threshold for your age and filing status. Income that is reported on a 1099 frequently has a lower filing threshold. Income which you do not receive one of these forms for may include:

What income is reported on your W-2 and what income is not?

Occasionally income may not be reported on your W-2. You are responsible for reporting this income.

You will most likely receive a Form W-2 from your employer showing the amounts of certain income you received:

Each of your employers from the previous tax year should send you a W-2 form. If you have more than one form, you will need to enter the items individually. If you received a corrected, railroad or substitute W-2, be sure to enter the corrected information.

Employers must give or send forms to employees by January 31st each year. However, this may not show all of the taxable income you received. Different forms are used to report many other common types of income, including:

For other types of income, you may not receive any form at all. You must still report the income on your tax return in some cases:

Be sure you have received all the appropriate forms and included all taxable income before submitting your tax return. If you need to report additional income after you have submitted your original tax return, you must file an amended return.