Miscellaneous Income
The most frequently asked tax questions related to Miscellaneous Income
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Answer Tax QuestionsState tax refund
Asked Thursday, October 19, 2000 by an anonymous user
If you itemized your deductions in the prior year and received a state tax refund in the current year (reported on a 1099-G slip), you may have to include all or part of the refund as income on your current year's tax return.
If you did not itemize your deductions in the prior year, you will not have to pick up as income the 1099-G refund amount.
If you did not itemize your deductions in the prior year, you will not have to pick up as income the 1099-G refund amount.
Jury Duty
Asked Wednesday, October 18, 2000 by an anonymous user
The jury duty pay you receive is taxable and reportable on IRS Form 1040, line 21 as other income.
Any pay you gave to your employer during your jury duty period is deductible from Adjusted Gross Income on IRS Form 1040, line 21.
Any pay you gave to your employer during your jury duty period is deductible from Adjusted Gross Income on IRS Form 1040, line 21.
Antique vase - Sale
Asked Friday, September 29, 2000 by an anonymous user
The sale of your antique vase would be a sale of a capital asset reportable on IRS Schedule D. It would fall into the category of collectibles and be taxed at a maximum rate of 28%.
Royalty income
Asked Friday, September 29, 2000 by an anonymous user
Royalty income is taxed as ordinary income reportable on IRS Schedule E. Royalty income includes author's royalties, musical composition royalties, payments for use of patents or copyrights, and certain oil and gas entities.
Stamp collection
Asked Friday, September 29, 2000 by an anonymous user
The sale of your stamp collection would be a capital asset reportable on IRS Schedule D. It would fall into the category of collectibles and be taxed at a maximum rate of 28%.
Age discrimination Settlement
Asked Wednesday, September 27, 2000 by an anonymous user
A lump-sum payment for cancellation of your employment under the Age Discrimination and Employment Act is taxable income in the year you receive it. It is reportable on IRS Form 1040 as wages.
Inheritance
Asked Wednesday, September 27, 2000 by an anonymous user
Cash or property you received as an inheritance, gift or bequest is not included in your income tax return.
Any interest, dividend or rental you earned on the inheritance after receipt of the inheritance is taxable.
Any interest, dividend or rental you earned on the inheritance after receipt of the inheritance is taxable.
Minister's housing allowances
Asked Wednesday, September 27, 2000 by an anonymous user
Generally not. A housing allowance paid to you as part of your salary is not income if you use it in the year received to provide a home or to pay utilities for a home that you are provided.
The excluded amount must be considered reasonable compensation. Other criteria and provisions may apply. Speak to your local CPA for more details.
The excluded amount must be considered reasonable compensation. Other criteria and provisions may apply. Speak to your local CPA for more details.
Sick pay
Asked Friday, September 22, 2000 by an anonymous user
Sick pay is considered taxable wages.