Jump to content
ATX Community

Tax Reporting Statement - "Other Income"


Yardley CPA

Recommended Posts

Reviewing a Merrill Lynch 2020 Tax Reporting Statement and came across this entry for "Other Income.  Any insight on where to include this on the 1040?  Line 8, Schedule 1 Other Income??
image.png.96c79142117df68b3c8da94da38b7d3a.png
 

Additional information on the statement indicates a portion of the income is from Canada:
image.png.937e409ce54af01815a04d160eef2c67.png

The other portion is from the United Kingdom:

image.thumb.png.858920ecade8934f5a6c8ec30e02b2e5.png

Link to comment
Share on other sites

14 minutes ago, Margaret CPA in OH said:

With the percentages, it appears to me as bond interest.  Have you checked the ML support material for further description or looked at ML online? 

Thanks for the response, Margaret...I did:
image.png.084cef81e000a5ddedb185db191b08bb.png

The income was reported on Line 3 and the instructions indicate they are generally reported on Line 8 of the 1040.  Just wanted to see if anyone had any experience or knowledge with this.  

Link to comment
Share on other sites

I haven't seen this before but it appears as though it should be reported on line 8 as you noted.  Was this from a trust or a regular individual tax reporting statement?  It seems possible that, for some reason, it should not be treated the same as we treat US entity generated income or maybe it isn't interest at all (even though "cpn, issue and percentages strongly suggest to me some kind of bonds).

Link to comment
Share on other sites

1 minute ago, Margaret CPA in OH said:

I haven't seen this before but it appears as though it should be reported on line 8 as you noted.  Was this from a trust or a regular individual tax reporting statement?  It seems possible that, for some reason, it should not be treated the same as we treat US entity generated income or maybe it isn't interest at all (even though "cpn, issue and percentages strongly suggest to me some kind of bonds).

It was on a personal tax reporting statement, no trust.  Based on the information provided it seems like some type of interest or dividend and that is why I wanted to seek input on here.  I never saw this before either.  I'm placing it on Line 8 and moving on.  🙂

  • Like 1
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...