Reporting multiple sources of income on a tax return may seem overwhelming. We’re here to help.
Most tax filers report income earned from an employer on a tax return. This information is listed on a W-2 form and is usually pretty easy to report on a tax return.
However, filing a tax return can become more complicated if you have more than one income source.
For example, many of those who work as independent contractors are also employed part-time. Both forms of income must be reported on a tax return.
Whatever your case may be, the IRS requires you to report (and pay tax on) all sources of income. Not just one.
If you avoided filing a tax return because you were overwhelmed by the confusion of reporting multiple types of income, you’ll still need to do so. Luckily, PriorTax makes filing multiple types of income easy.
To report multiple types of income on a tax return, simply create an account with PriorTax and enter your income information from each source. After your return is prepared by the PriorTax team, you’ll simply print, sign and mail it to the IRS.
Different Forms of Income
The following are forms of income you will need to report on a tax return;
- salary, wages & tips
- independent contractor income
- rental income
- interest or dividend income
- government payments
- retirement account withdrawals
- other income (more…)