January 2022
Beginner
656 pages
21h 48m
English
Content preview from Taxes For Dummies
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Chapter 6
Form 1040, Schedule 1, Part I: Additional Income
IN THIS CHAPTER
Discovering there’s more to income than just wages, interest and dividends
Finding out how to calculate income
Understanding the different types of income — active, passive, and capital gains
Figuring out foreign earned income and what to do about it
Calculating net operating losses and using them to reduce other years’ taxes
Oh, imagine how easy it would be if all income we earned was taxed in the same way. We’d just add all our bits and pieces together, apply the tax rate or table, and presto! We’d be done.
But that’s not the way of the U.S. income tax system and the rules that govern it. Instead, there’s a myriad of different types of income. Many of them, we cover in Chapter 5, such as wages, income from retirement accounts, capital gains, interest, and dividends. The rest of them, we cover here in Chapter 6. Some of these types of income will seem obscure, and you may wonder why we bother touching on ...
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