Other Sources of Ordinary Income
Each with Its Own Quirks
In addition to employment income and retirement income, there are almost innumerable other sources of “ordinary” income. The purpose of this chapter is to address some of the more common sources of ordinary income that can catch a taxpayer unaware because of the special rules or misperceptions attached to them. The ordinary income sources covered in this chapter are:
State Tax Refunds
State tax refunds fall into the “potentially taxed” category of income. The key to whether a refund is taxed is whether you claimed state taxes as an itemized ...