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There are many different kinds of income for which you might be responsible at tax time. Besides your W2, you may receive other income forms, the contents of which have to be reported to the IRS. We show you how.
• Lists the major types of taxable income
• Describes how each type of income is taxed
• Explains how to report your income, whether you e-file or not
If you want to avoid costly mistakes, while at the same time taking advantage of all credits and deductions, you'll want to do your taxes with H&R Block this year.
H&R Block helps you work quickly and easily, and it double-checks your return to help you get the largest possible refund. You can even file your state taxes and get your state refund (which may be substantial) much faster than if you mail a paper return.
The average taxpayer receives at least one W2 form every year. This form lists income, local and federal taxes withheld, social security taxes, etc.
But most people's returns are far more complicated than that: most taxpayers receive income from more than one source, and sometimes it is tough to figure out what is taxable, and how.
To help you figure out what income must be reported, and how it is all taxed, we've created this guide to income types.
Just click on the following links for more in-depth information about each type of taxable income, and for advice on reporting it at tax time:
You can get more information about your taxable income directly from the IRS, in the form of Publication 525.