Reporting Requirements

In most cases, taxpayers with "other income" are required to file Form 1040 and report the income on line 21.

Turn to the Volunteer Resource Guide (Tab 2) for more information about how and where to enter income.

Gambling Winnings

The taxpayer may receive one or more Forms W-2G reporting gambling winnings. Total gambling winnings must be reported on Form 1040, line 21. If the taxpayer also had gambling losses, the losses can only be deducted on Schedule A. See the Itemized Deductions lesson for more details.

Cash for Keys Program

Cash for Keys Program income, which is taxable, is income from a financial institution, offered to taxpayers to expedite the foreclosure process. Report this as "other income" on Form 1040, line 21. The taxpayers should receive Form 1099-MISC with the income in box 3.