Internal Revenue Service United States Department of the Treasury
Level Basic Advanced Military International

Other Income, Form 1040 Line 21 Workout

Workout Resources

Publication 4491 Other Income

Depending on your certification path, this lesson will provide links to resource materials and practice to help you identify and report income sources that do not have their own line on Form 1040. Part of the lesson is for Basic or Advanced course levels and part is only for the International level.

Begin this lesson by reviewing the Other Income lesson from Publication 4491.

Use your resource materials to apply what you've learned in the Other Income lesson:

Volunteers with Basic or Advanced certification will be able to determine:

  • Other types of income and how to report them
  • Determine the requirements for the cancellation of debt on nonbusiness credit card debt when preparing tax returns
  • Determine when canceled credit card debt is included in gross income on Form 1040

Volunteers with an International certification will be able to determine:

  • How to properly report income earned from worldwide sources
  • Who is eligible for the foreign earned income exclusion
  • How to calculate the excludible amount using Form 2555, Foreign Earned Income, or Form 2555-EZ, Foreign Earned Income Exclusion
Graphic of hand weights.