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rash
Level 1

How to fill 2019 schedule 1, line 8 for other income (which transfers to 1040 line 7a)

In 2019 Turbo tax deluxe, where/how to fill out some worksheet which transfers name/type and amount of other income to schedule 1, line 8(Other income. List type and amount); which than automatically transfers to 1040 form line 7a.  In my case, I want to list my other income (ESPP Ordinary Income) so it's name and amount gets transfer to 1040 line 7a.

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2 Replies
DavidS127
Expert Alumni

How to fill 2019 schedule 1, line 8 for other income (which transfers to 1040 line 7a)

Reporting your ESPP income depends on whether is was a qualifying disposition or a disqualifying dispositionSee this TurboTax article on Employee Stock Purchase Plans, and then provide more about your particulars if that information does not resolve your question.

 

Generally, when you sell stock you acquired through an Employee Stock Purchase Plan (ESPP), the net proceeds will show up in two different places on your tax return. 

 

The portion of the net proceeds equal to the discount you received when you bought the stock is reported as ordinary income on your W-2, and the remainder of the net proceeds is a capital gain reported on Schedule D.

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rash
Level 1

How to fill 2019 schedule 1, line 8 for other income (which transfers to 1040 line 7a)

Let me ask differently. How to Report Other Incomes (Fill out line 8 on schedule 1 for multiple "other income" from many sources ?).

Other income is reported on line 8 of Schedule 1 of the 2019 Form 1040, then the total from line 9 of Schedule 1 is transferred to line 7a of the 1040 itself.

The IRS requires that you list “type and amount” on line 8 of Schedule 1 and enter the total. For example, type “jury duty" and amount $50, if you were paid for performing that service.

Now, if you had many sources of "other income" during the course of the year,  How do you list/report them using 2019 Turbo Tax Deluxe ?

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