Types of Income and Assets Received in IEVS Hits 448-01-50-10-65
(Revised 3/1/12 ML #3304)
The following listing includes the types of income and assets received in IEVS hits to assist eligibility workers in understanding the data received:
- W2-G – Statement of Gambling Winnings.
Gambling Winnings - Types of gambling winnings include horse racing, dog racing, sweepstakes, wagering pools, lotteries, bingo, keno, slot machines, and other wagering transactions.
- 1041-K1 – Beneficiary’s Share of Income, Credits, Deductions, etc.
Dividends – Distribution of money, stock, or other property from an estate or trust.
- Interest – Beneficiary’s share of taxable income from accounts with banks, credit unions and thrifts (e.g., certificates of deposit and money market accounts).
- Business Income and Other Non-passive Income – Beneficiary’s share of annuities, royalties, or any other income not subject to passive activity limitation.
- Passive Income – Rental income from trade or business activities in which beneficiary did not materially participate.
- Short Term Capital Gain – Income from installment sales, like-kind exchanges and/or other partnerships and fiduciaries of less than one year.
- Long Term Capital Gain – Income from installment sales, like-kind exchanges or other partnerships and fiduciaries of more than one year.
- 1065-K1 – Is an information return used to report the income, deductions, gains, losses, etc., from the operation of a partnership. A partnership does not pay tax on its income and passes through any profits or losses to its partners.
- Dividends – Distribution of money, stock, or other property from partnership.
- Interest – Income from or credited to accounts, including certificates of deposit and money market accounts, with banks, credit unions and savings and loan associations; building and loan accounts; notes, loans, mortgages; tax refunds; insurance companies if paid or credited on dividends left with the company; bonds and debentures; also arbitrage bonds issued by State and local governments after October 9, 1969; gain on the disposition of certain market discount bonds to the extent of the accrued market discount; U.S. savings bonds which include: total interest when bond is cashed or when bond reaches maturity and no longer earns interest; or yearly increase in the bond(s)’ value.
- Royalties – Income from oil, gas, mineral properties, copyrights and patents.
- Ordinary Income – Share of income (loss) from trade or business activities of partnership.
- Real Estate – Income (loss) from activity in which partner did not materially participate.
- Other Rental – Income (loss) activity in which partner did not materially participate.
- Guaranteed Payments – Partner’s share of income for service.
- Short Term Capital Gain – Income (loss) from partnership of less than one year.
- Long Term Capital Gain – Income (loss) from partnership of more than one year.
- 1120S K1 – Shareholder’s Share of Undistributed Taxable Income, Credits, Deductions, etc.
- Dividends – The distribution of cash, value of stock, property or merchandise received as a shareholder (e.g., mutual fund).
- Interest – Income from or credited to accounts, including certificates of deposit and money market accounts, with banks, credit unions and savings and loan associations; buildings and loan accounts; notes, loans and mortgages; tax refunds; insurance companies if paid or credited on dividends left with the company; bonds and debentures; also arbitrage bonds issued by State and local governments after October 9, 1969; gain on the disposition of certain market discount bonds to the extent of the accrued market discount; U.S. Treasury bills, notes and bonds; U.S. savings bonds including total interest when bond is cashed or when bond reaches maturity and no longer earns interest; or yearly increase in the bond(s)’ value; income received or credited to an account that may be withdrawn.
- Royalties – Income from oil, gas, mineral properties, copyrights and patents.
- Ordinary Income – Shareholder’s pro rata share of ordinary income, loss, deductions, credits and other information from all corporate activities.
- Real Estate – Net income (loss) in which shareholder did not materially participate.
- Other Rental – Net income (loss) from other rental activity in which shareholder did not materially participate.
- Short Term Capital Gain – Income from sales and exchanges of capital assets, including stocks, bonds, etc. and real estate held for less than one year.
- Long Term Capital Gain – Income from sales and exchanges of capital assets, including stocks, bonds, etc. and real estate held for more than one year.
- 1099-G – Statement for Recipients of Certain Government Payments
Unemployment Compensation – Payments of unemployment compensation including Unemployment Compensation paid by Railroad Retirement Board payments.
- Prior Year Refund – Refunds, credits, or offsets of state or local income.
- Taxable Grant – A grant administered by a Federal, state or local program to provide subsidized energy financing or grants for projects designed to conserve or produce energy. Also reported are other taxable Federal grants of $600 or more. There is no underlying asset account. The money field is positive.
- Agricultural Subsidies – U.S.D.A. agricultural subsidy payments made to recipients during the year. Form 1099-G reports the actual owner of the payments.
- Taxable State Tuition – Earnings part of qualified state tuition program payments made to the designated beneficiary or account owner.
- 1099-DIV – Statement for Recipients of Dividends and Distributions – Is used to report dividends and distributions for each person: to whom an individual has paid dividends (including capital gains dividends) and other distributions on stock of $10 or more; for whom an individual has withheld and paid any foreign tax on dividends and other distributions on stock; for whom an individual has withheld any federal income tax under the backup withholding rules; or to whom an individual paid $600 or more as part of a liquidation.
- Capital Gains – Amount of total capital gain distributions (long-term). Capital gain net income is the excess of the gains from sales or exchanges of capital assets over the losses from such sales or exchanges or an asset given this effect under the Internal Revenue Code.
- Non-Taxable Distributions – Amount of non-taxable distribution. Generally, any distribution made out of earnings and profits by a corporation to its stockholders is considered a dividend.
- Cash Liquidation Distribution – Amount of cash distributed as part of a corporation’s partial or complete liquidation.
- Non-Cash Liquidation Distribution – Fair market value (at time of distribution) of non-cash distributions made as part of partial or complete liquidation of a corporation.
- Dividends Qualifying for Exclusion – Taxable dividend distributions from life insurance contracts, exempt-interest dividends from regulated investment companies, substitute payments in lieu of dividends, and payments made to certain payees including a corporation; tax-exempt organization; any IRA; U.S. agency, state, the District of Columbia; U.S. possession; or registered securities or commodities.
- Ordinary Dividend – Amount of ordinary dividends, including those from money market funds and net short-term capital gains from mutual funds, and other distributions on stock.
- 28% Rate Gain – Any amount of capital gains (IND 23) that is 28% rate gain.
- Unrecaptured Section 1250 Gain – Any amount of capital gains (IND 23) that is section 1250 gain from certain depreciable real property.
- Section 1202 Gain – Any amount of capital gains (IND 23) that is section 1202 gain from certain qualified small business stock.
- 1099-INT – Statement of Recipients of Interest Income
- Interest - Amounts paid or credited by: savings & loan associations, banks, building & loan associations, credit unions or similar organizations; bank deposits, accumulated dividends paid by life insurance companies, indebtedness (bonds, debentures, notes and certificates); in course of trade or business; delayed death benefits from insurance companies; accrued to a REMIC regular interest holder, or paid to a CDO holder.
- Savings Bonds – Interest paid on U.S. Savings Bonds, Treasury Bills, Treasury Bonds and Treasury Notes.
- 1099-PATR – Statement for Recipients of Taxable Distributions Received from Cooperatives.
- Patronage Dividends – Cash, written notice of allocation or other property distribution by a farmer’s cooperative.
- Non-patronage Dividends – Cash written notice of allocation or other property distribution by a farmer’s cooperative.
- Retained Allocations – Cash, per-unit retail certificates and other property distributed by a cooperative.
- Redemption Amount – Value of written notice of allocation issued as patronage dividends.
- 1099-B – Statement for Recipients of Proceeds from Real Estate Brokers and Barters Exchange Transaction
Items below relate to the proceeds from broker and barter exchange transactions. Form 1099-B reports proceeds paid from broker and barter exchange transactions for each person for whom the broker has sold (including short sales) stock, bonds, commodities, regulated futures, contracts, foreign currency contracts, forward contracts, debt instruments, etc., or who exchanged property or services through the barter exchange.
- Bartering – Gross amounts received by a member or client of a barter exchange for good or services. This includes cash received, the fair market value of any property or services received, the fair market value of any trade credit or scrip credited to the member’s or client’s account.
- Aggregate Profit and Loss – Total profit (loss) from regulated futures or foreign currency contracts.
- Realized Profit or Loss – Profit (loss) realized on closed regulated futures or foreign currency contracts.
- Stocks and Bonds – Gross proceeds from disposition of securities (including short sales), commodities, or forward contracts.
- 1099-MISC – Statements for Recipients of Miscellaneous Income
Medical Payments – Payments made in the course of trade or business to each physician or other supplier or provider of medical or health care services, including payments made by medical and health care insurer under health, accident, and sickness insurance programs.
- Rents – Income received as rents; e.g., owner of housing projects, real estate rentals for office space, machine rentals and pasture rentals.
- Royalties – Income paid from oil, gas, mineral properties, copyrights and patents.
- Substitute – Total payments received by a broker on behalf of a taxpayer in lieu of dividends or interest as a result of a transfer of a taxpayer’s securities for use in a short sale.
- Other Income – Income not reportable in other boxes on form; e.g., prizes and awards, punitive damages, deceased employee’s wages paid to estate or beneficiary.
- 1099-OID – Statement for Recipients of Original Issue Discount.
- Interest – Amount paid or credited. The difference between the stated redemption price at maturity and the issue price of a debt instrument.
- Original Issue Discount – The difference between the issue price of a debt instrument (e.g., stock, bond or promissory note) and the stated redemption price at maturity.
- Original Issue Discount on Treasure Obligations – Amount of OID on U.S. Treasury obligation for the part of the year it was owned by the record holder.
- 1099-R – Distributions from Pensions, Annuities, Retirement or Profit–Sharing Plans, IRA’s, Insurance Contracts, etc.
- Gross Distributions – Total amount of distribution from pensions (including disability), profit-sharing plans, retirement plans, employee savings plans or annuities before income tax or other deductions are withheld. Includes premiums paid by a trustee or custodian for current life or other insurance protection, or IRA or SEP distributions. Savings bonds distributed from a pension plan, death benefit payments and death payments made by employers that are not part of a plan. In the case of a distribution representing CD’s, the net amount is reported.
- Unrealized Appreciation – Portion of distribution that represents net unrealized appreciation in securities of the employer corporation (or subsidiary or parent corporation) attributable to employee contributions.
- Other Income – Actuarial value of annuity contract or retirement bond, retirement account exchange or death benefit payment that is part of a lump-sum distribution.
- 1099-LTC – Distributions from Long Term Care Insurance Contract, gross benefits, and accelerated death benefits paid.
- 1099-MSA – Distributions from Medical Savings Accounts, earnings on distributive excess contributions and gross benefits.
- SSA-1099 – Social Security Benefit Statement – Total benefits paid – gross amount of benefits the individual is entitled to for the current tax year. This amount is prior to subtracting the amount of any benefit checks returned, adjustments for disability payments, work, overpayments or cash repayments.
- 1099-S – Statement for Recipients of Proceeds from Real Estate Transactions.
- Real Estate Sales – Gross proceeds from sale or exchange of real estate.