To enter a description and an amount for Other Income on Line 8 of IRS Schedule 1 (Form 1040):
- From within your TaxAct® return (Online or Desktop), click Federal. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal.
- Click Other Income in the Federal Quick Q&A Topics menu to expand the category and then click Prizes, awards and other miscellaneous income
- On the screen titled Miscellaneous - Amounts Received, enter a description and an amount in the blank boxes.
When you print your return, the text See Attached will print to the left of IRS Schedule 1 (Form 1040) Line 8. An attached sheet will print with the return titled Other Income - Supporting Details for Schedule 1 (Form 1040), Line 8 which will print both the description and amount that was entered.
Per IRS Instructions for Form 1040 for Schedule 1 (Form 1040) Line 8, Other Income, page 82:
CAUTION! Do not report on this line any income from self-employment or fees received as a notary public. Instead, you must use Schedule C, even if you don’t have any business expenses. Also, don’t report on line 8 any nonemployee compensation shown on Form 1099-MISC (unless it isn't self-employment income, such as income from a hobby or a sporadic activity. Instead, see the Form 1099-MISC instructions to find out where to report that income.
Note: For help with entering hobby income in TaxAct, See the Form 1099-MISC assignment worksheet section of TPS Form 1099-MISC - Red Alert.
Taxable income. Use line 8 to report any taxable income not reported elsewhere on your return or other schedules. List the type and amount of income. If necessary, include a statement showing the required information. For more details, see Miscellaneous Income in Pub. 525.
Examples of income to report on line 8 include the following:
- Most prizes and awards. But see Olympic and Paralympic medals and USOC prize money, later.
- Jury duty pay. Also see the instructions for line 22.
- Alaska Permanent Fund dividends.
- Reimbursements or other amounts received for items deducted in an earlier year, such as medical expenses, real estate taxes, general sales taxes, or home mortgage interest. See Recoveries in Pub. 525 for details on how to figure the amount to report.
- Income from the rental of personal property if you engaged in the rental for profit but were not in the business of renting such property. Also see the instructions for line 22.
- Income from an activity not engaged in for profit. See Pub. 535.
- Amounts deemed to be income from a health savings account (HSA) because you didn't remain an eligible individual during the testing period. See Form 8889, Part III.
- Gambling winnings, including lotteries, raffles, a lump-sum payment from the sale of a right to receive future lottery payments, etc. For details on gambling losses, see the instructions for Schedule A, line 16.
- Reemployment trade adjustment assistance (RTAA) payments. These payments should be shown in box 5 of Form 1099-G.
- Loss on certain corrective distributions of excess deferrals. See Retirement Plan Contributions in Pub. 525.
- Dividends on insurance policies if they exceed the total of all net premiums you paid for the contract.
- Recapture of a charitable contribution deduction relating to the contribution of a fractional interest in tangible personal property. See Fractional Interest in Tangible Personal Property in Pub. 526. Interest and an additional 10% tax apply to the amount of the recapture. See the instructions for Schedule 2, line 8.
- Recapture of a charitable contribution deduction if the charitable organization disposes of the donated property within 3 years of the contribution. See Recapture if no exempt use in Pub. 526.
- Canceled debts. These amounts may be shown in box 2 of Form 1099-C. However, part or all of your income from the cancellation of debt may be nontaxable. See Pub. 4681 or go to IRS.gov and enter “canceled debt” or “foreclosure” in the search box.
- Taxable part of disaster relief payments. See Pub. 525 to figure the taxable part, if any. If any of your disaster relief payment is taxable, attach a statement showing the total payment received and how you figured the taxable part.
- Taxable distributions from a Coverdell education savings account (ESA) or a qualified tuition program (QTP). Distributions from these accounts may be taxable if (a) in the case of distributions from a QTP, they are more than the qualified higher education expenses of the designated beneficiary in 2019 or, in the case of distributions from an ESA they are more than the qualified education expenses of the designated beneficiary in 2019, and (b) they were not included in a qualified rollover. Nontaxable distributions from these accounts don’t have to be reported on Form 1040 or 1040-SR. This includes rollovers and qualified higher education expenses refunded to a student from a QTP that were recontributed to a QTP with the same designated beneficiary within 60 days after the date of refund. See Pub. 970.
- Taxable distributions from a health savings account (HSA) or an Archer MSA. Distributions from these accounts may be taxable if (a) they are more than the unreimbursed qualified medical expenses of the account beneficiary or account holder in 2019, and (b) they were not included in a qualified rollover. See Pub. 969.
- Taxable distributions from an ABLE account. Distributions from this type of account may be taxable if (a) they are more than the designated beneficiary's qualified disability expenses, and (b) they were not included in a qualified rollover. Enter “ABLE” and the taxable amount on the dotted line next to line 8. See Pub. 907 for more information.
For additional examples of other taxable income reported on Schedule 1 (Form 1040) Line 8, please refer to the IRS Instructions for Form 1040. You can also refer to the Miscellaneous Income section in IRS Publication 525 Taxable and Nontaxable Income.