Reporting On Form 1040
Gross income is reported on U.S. Federal individual income tax returns (Form 1040 series) is reported by type of income. Supporting schedules and forms are required in some cases (e.g., Schedule B for interest and dividends). Income of business and rental activities, including those through partnerships or S corporations, is reported net of the expenses of the business. See Schedule C for business, Schedule E for rentals, and Schedule F for farms.
Read more about this topic: Adjusted Gross Income
Famous quotes containing the words reporting and/or form:
“I have been reporting club meetings for four years and I am tired of hearing reviews of the books I was brought up on. I am tired of amateur performances at occasions announced to be for purposes either of enjoyment or improvement. I am tired of suffering under the pretense of acquiring culture. I am tired of hearing the word “culture” used so wantonly. I am tired of essays that let no guilty author escape quotation.”
—Josephine Woodward, U.S. author. As quoted in Everyone Was Brave, ch. 3, by William L. O’Neill (1969)
“Fantasy is a product of thought, Imagination of sensibility. If the thinking, discursive mind turns to speculation, the result is Fantasy; if, however, the sensitive, intuitive mind turns to speculation, the result is Imagination. Fantasy may be visionary, but it is cold and logical. Imagination is sensuous and instinctive. Both have form, but the form of Fantasy is analogous to Exposition, that of Imagination to Narrative.”
—Sir Herbert Read (1893–1968)