You have reported on your tax return:
____ Any income in any form other than cash at its fair market value.
____ A refund of any part of your state income tax that you deducted in prior years, and which reduced your Federal income tax in those years, provided this was the year you received the refund.
____ The recovery of a bad debt that you deducted in prior years, and which reduced your Federal income tax in those years, provided this was the year you recovered the debt.
____ The amount of your debt if this was the year in which it was forgiven.
____ Amounts shown on your Forms W-2, W-2G, 1099 series, etc.
____ Any payments you received from your employer during periods of unemployment under a collective bargaining agreement that guaranteed you full pay during the year.
____ Strike and lockout benefits paid by the union from union dues, including both cash and fair market value of any goods you received.
____ Supplemental unemployment benefit payments you received from a company-financed supplemental unemployment benefit fund.
____ The right to credit for goods and services offered for exchange in a barter operation when you received that right.
____ The retirement of bonds issued with "original issue discount".
____ Interest on principal left on deposit with an insurance company when credited to your account.
____ Any profit from the sale of state or municipal securities.
____ Any amounts realized by you on foreclosure of a mortgage to the extent that the mortgage indebtedness exceeded the adjusted basis.
____ Any consideration received for a covenant not to compete.
____ The fair market value of a note received in payment for your services, if you are on the cash basis of accounting and this is the year that you received the note.
____ The amount you received as a payment from your individual retirement account before you reached age 59 and 1/2 or became disabled. Your tax is also increased by 10 percent of this premature distribution.
____ A sale or exchange of assets unless a nontaxable exchange was made under Section 1031 of the Internal Revenue Code. To qualify, the transaction must have been an exchange of qualified property solely for property of like kind rather than a sale.
____ The gain you realized if the property you exchanged was not held for use in a trade or business or for investment or the transaction did not meet the requirements of a like/kind exchange.
____ The excess amount if you were relieved of more liabilities than you assumed in the like/kind exchange.
____ The income from property that you assigned to another when the income was earned before the transfer.
____ All unemployment compensation that you receive.
____ The entire gain from the sale of your main home, if you did not replace this residence within the period two years before or two years after the sale and you do not qualify for the exclusion for person age 55 or older. (If the purchase price of the new home is less than the adjusted basis of the old home, a partial gain may be income in the year of the sale).
____ Amounts deducted in prior years but recovered in this tax year.
____ The taxable part (if any) of your social security benefits.
____ The taxable part(if any) of your tier 1 railroad retirement benefits.
____ Fringe benefits other than those specifically excluded by law that were provided to you by your employer as compensation for your services.
____ Amounts received from your employer for educational assistance.
____ The fair market value of housing provided to you by your employer. (Special rules apply for military personnel and members of the clergy).
____ That part of life insurance proceeds that is considered interest when payable by reason of death of the insured and received by you in installments.
____ The interest and dividend income of your child under age 14, if you have elected to include this income on your return by filing Form 8814, and all conditions for making this election are met.
© 1986, 1998 to 2002, Jack Warren Wade, Jr.
