I'm one of those people who wants to understand every single number that TurboTax is showing me.
In Step-By-Step, Federal Taxes tab, Federal Review, there is a 2022 Tax Breakdown, there is a number showing as Other Income (shown in red below) that is far larger than either my total income, AGI or total taxable income. It is orders of magnitude larger than my 1040 Line 8 Other Income. What are the data sources for this number?
I suspect that it is somecombination of numbers such as rollovers, exercise of an ISO under section 422(b), other non-taxable events, and also Roth conversions, etc. that are taxable events. Would be nice to know exactly what this number consists of. Looking at the Two Year Comparison report that it appears to be related to, there is no such number there.
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Other income is the total of all income you receive during the year that is not wage-related.
Schedule 1 of Form 1040 is the form used to figure out your other income. When you view your Schedule 1 to your Form 1040 you will see the components that make up "other Income" on line 8 of your Form 1040.
TurboTax takes the amount from Schedule 1 of your other income, and puts that amount on line 8 on your form 1040 when you are doing your taxes.
Other income includes earnings other than wages or income from self-employment, retirement income, prizes and awards, gambling winnings (including lotteries and raffles), investments, foreign income, jury duty pay, recovery of a deduction claimed in another year, HSA Distributions, Qualified Medicaid Waiver Payments, Distributions from ABLE, Coverdell ESA and 529 Plan accounts, and cancelled debt. Other income must be reported to the Internal Revenue Service (IRS) on Schedule 1 and Form 1040, and it's taxable.
Click here for detailed information regarding Schedule 1.
Click here for a copy of Schedule 1 of Form 1040.
Click here for detailed information about what is included in "other income".
I'm getting tired of so-called "Experts" that rush to post canned answers without paying any attention to the question. Notice that I said
It is orders of magnitude larger than my 1040 Line 8 Other Income.
So answering that it is from 1040 Line 8 Other Income is extraordinarily unhelpful.
Did you not think that was the first place I looked?
The instructions provided by @Linda55247 are very useful.
Once you pay for the software you can print your return and worksheets to see what makes up your "other income".
To pay for TurboTax:
You can also contact Live Support
Not at all useful. First of all, I'm using the desktop Premier edition. It was paid for in November. Sorry if I didn't specify that.
Quit posting canned answers. If you will read the actual question and look at the actual screenshot, you will see the "Other Income" I am referring to. As established, this is NOT other income from Schedule 1. It doesn't seem to correlate with any other values.
Your screenshot is showing a screen from the Step-by-Step process in TurboTax, not a tax form (I am sure you realized this).
If the number had appeared on a tax form, I am sure that we could have explained where the number came from. However, on these summary screens, not only do we tax experts don't always know where they come from, but these numbers aren't always "accurate". For example, the number presented may be the number you entered, not the number actually used and printed on the return. So the number may not describe what it appears to describe.
This is not to dodge the question but just to point out that unless the number appears on a tax form, we will not always be able to describe where it come from.
Can you find this number somewhere are an actual tax form? If so, let us know.
Thank you for providing a good response to my question.
This screen is from a summary after final review. You're right .. if it was a form, it would be easy to track the source. But since it is a "report" that isn't straightforward.
As I speculated in my initial post, there were lots of things it could reflect - non-taxable rollover, non-taxable employee stock options exercise, etc. I was hoping there would be some information available on what "Other Income" meant in this context. It may include, but definitely is not limited to, "Other Income" as entered on Schedule 1.
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