Taxable income in gross income when filing a 2024 tax return

Below is a table listing the top 30 items belonging to taxable income in gross income when filing a 2024 tax return with a W-2, formatted as requested with columns for Number, Name, Description, Keywords, Requirements, Deadline, Forms, and Legal Support. These items represent common sources of income that contribute to gross income under U.S. tax law, as defined by the Internal Revenue Code (IRC) § 61, which states that gross income includes "all income from whatever source derived" unless specifically excluded. This table focuses on a W-2 holder as of March 10, 2025, for the 2024 tax year, incorporating typical income types reported alongside or in addition to W-2 wages.

Gross income is the starting point for calculating taxable income, before adjustments (e.g., above-the-line deductions) are applied. For a W-2 holder, taxable income includes wages plus other income sources not excluded by law (e.g., exclusions like municipal bond interest are omitted here). I’ve prioritized items relevant to W-2 employees, including common supplemental income sources, and avoided overly niche or repealed categories unless broadly applicable. Where specific 2024 figures (e.g., thresholds) are unavailable, I’ve used 2023 data adjusted for inflation based on IRS trends.

Number

Name

Description

Keywords

Requirements

Deadline

Forms

Legal Support

1	Wages, Salaries, Tips	Compensation from employment reported on W-2.	Wages, salary, tips, W-2	Earned through employment, includes bonuses, overtime, tips reported to employer.	April 15, 2025	Form W-2, 1040	IRC § 61(a)(1)
2	Interest Income	Interest from bank accounts, CDs, loans made to others.	Interest, bank, savings	Received from financial institutions, reported if > $10/year (1099-INT).	April 15, 2025	Form 1099-INT	IRC § 61(a)(4)
3	Dividend Income	Dividends from stocks or mutual funds.	Dividends, stocks, investments	Received from investments, reported on 1099-DIV, includes ordinary and qualified dividends.	April 15, 2025	Form 1099-DIV	IRC § 61(a)(7)
4	Capital Gains	Profit from selling assets (e.g., stocks, real estate).	Capital gains, sale, assets	Sale of capital assets, short-term (< 1 year) or long-term (> 1 year), reported on 1099-B.	April 15, 2025	Form 1099-B, 8949	IRC § 61(a)(3)
5	Rental Income	Income from renting property (e.g., Airbnb if > 14 days).	Rental, property, Airbnb	Received from tenants, excludes personal use < 14 days (IRC § 280A(g)).	April 15, 2025	Sch. E, 1099-MISC	IRC § 61(a)(5)
6	Self-Employment Income	Earnings from freelance, gig work, or side businesses.	Freelance, gig, business	Net profit from Schedule C activities (e.g., consulting), > $400 triggers SE tax.	April 15, 2025	Sch. C, 1099-NEC	IRC § 61(a)(1)
7	Alimony Received	Alimony payments from pre-2019 divorce agreements.	Alimony, divorce, payments	Received under pre-2019 decree, legally binding, not child support.	April 15, 2025	Form 1040, Sch. 1	IRC § 61(a)(8) (pre-TCJA)
8	Unemployment Compensation	Benefits received from unemployment insurance.	Unemployment, benefits	Received from state/federal programs, fully taxable post-2020 (no exclusion).	April 15, 2025	Form 1099-G	IRC § 85
9	Social Security Benefits	Portion of Social Security benefits, if income exceeds thresholds.	Social Security, benefits	Taxable if provisional income > $25,000 (single) or $32,000 (joint), up to 85% taxable.	April 15, 2025	Form SSA-1099	IRC § 86
10	Gambling Winnings	Winnings from gambling (e.g., lottery, casinos).	Gambling, winnings, lottery	Reported on W-2G if > $600 or withheld, includes cash and fair market value of prizes.	April 15, 2025	Form W-2G	IRC § 61(a)
11	Jury Duty Pay	Payment for serving on a jury, unless turned over to employer.	Jury, payment, duty	Received from court, taxable unless remitted to employer (then deductible).	April 15, 2025	Form 1099-MISC	IRC § 61(a)
12	Royalties	Income from intellectual property (e.g., books, patents).	Royalties, IP, licensing	Received from licensing property, reported on 1099-MISC if > $10.	April 15, 2025	Form 1099-MISC	IRC § 61(a)(6)
13	Partnership Income	Share of profits from a partnership.	Partnership, profits, business	Received as a partner, reported on Schedule K-1, subject to SE tax if active.	April 15, 2025	Sch. K-1 (1065)	IRC § 61(a)(1)
14	S Corporation Income	Share of profits from an S corporation.	S corp, profits, business	Received as a shareholder, reported on Schedule K-1, not subject to SE tax.	April 15, 2025	Sch. K-1 (1120S)	IRC § 61(a)(1)
15	Taxable Refunds	State/local tax refunds if previously deducted.	Refunds, state, tax	Received refund of itemized deductions from prior year (e.g., state taxes).	April 15, 2025	Form 1099-G	IRC § 111
16	Bartering Income	Fair market value of goods/services received via barter.	Barter, trade, value	Exchanged goods/services, FMV taxable unless exempt (e.g., casual swap).	April 15, 2025	Form 1099-B	IRC § 61(a)
17	Cancellation of Debt	Forgiven debt (e.g., credit card settlement).	Debt, forgiveness, COD	Debt canceled, reported on 1099-C, taxable unless insolvent or bankruptcy exception applies.	April 15, 2025	Form 1099-C	IRC § 61(a)(12)
18	IRA Distributions	Withdrawals from traditional IRA accounts.	IRA, retirement, distribution	Taxable if contributions were pre-tax, reported on 1099-R, early withdrawal penalty may apply.	April 15, 2025	Form 1099-R	IRC § 408(d)
19	Pension/Annuity Income	Payments from pensions or annuities.	Pension, annuity, retirement	Taxable portion of distributions, reported on 1099-R, depends on contribution type.	April 15, 2025	Form 1099-R	IRC § 61(a)(9)
20	Life Insurance Proceeds (Excess)	Proceeds exceeding premiums paid, if policy surrendered.	Life insurance, proceeds	Taxable if cash surrender value > premiums paid, reported on 1099-R.	April 15, 2025	Form 1099-R	IRC § 61(a)
21	Scholarships (Excess)	Scholarship amounts used for non-qualified expenses (e.g., room/board).	Scholarship, excess, education	Taxable if not for tuition, fees, books; reported by recipient if no 1099.	April 15, 2025	Form 1040, Sch. 1	IRC § 117
22	Prizes and Awards	Value of prizes/awards received (e.g., contest winnings).	Prizes, awards, winnings	FMV taxable unless donated to charity or exempt, reported on 1099-MISC if > $600.	April 15, 2025	Form 1099-MISC	IRC § 74
23	Trust Income	Income distributed from a trust.	Trust, distribution, income	Received as a beneficiary, reported on Schedule K-1 (1041).	April 15, 2025	Sch. K-1 (1041)	IRC § 61(a)
24	Farm Income	Income from farming activities (e.g., crops, livestock).	Farm, agriculture, income	Received from farming, reported on Schedule F, may include subsidies.	April 15, 2025	Sch. F	IRC § 61(a)
25	Illegal Income	Income from illegal activities (e.g., theft, bribes).	Illegal, unreported, income	Taxable regardless of legality, must self-report (no form typically issued).	April 15, 2025	Form 1040, Sch. 1	IRC § 61(a)
26	Foreign Earned Income	Income earned abroad, unless excluded via FEIE.	Foreign, income, overseas	Taxable unless excluded (Form 2555), reported if U.S. citizen/resident.	April 15, 2025	Form 1040, Sch. 1	IRC § 61(a)
27	Cryptocurrency Transactions	Gains from selling/trading cryptocurrency.	Crypto, gains, transactions	Treated as property, taxable on sale/trade, reported on 1099-B or self-calculated.	April 15, 2025	Form 8949	IRC § 61(a)(3)
28	Hobby Income	Income from hobbies not run as a business.	Hobby, income, side	Taxable if not a profit motive, expenses limited to income (post-TCJA).	April 15, 2025	Form 1040, Sch. 1	IRC § 61(a)
29	Dependent Care Benefits (Excess)	Employer-provided benefits exceeding limits.	Dependent care, benefits	Taxable if > $5,000 (or $2,500 if married filing separately), reported on W-2, Box 10.	April 15, 2025	Form W-2	IRC § 129
30	Miscellaneous Income	Other income not fitting specific categories (e.g., crowdfunding profits).	Miscellaneous, other, income	Taxable unless excluded, reported on 1099-MISC or self-reported.	April 15, 2025	Form 1099-MISC	IRC § 61(a)

Notes:

1. Definition of Gross Income: Per IRC § 61, gross income includes all income unless excluded (e.g., gifts, municipal bond interest). This table lists taxable items, not exclusions.
2. W-2 Focus: Starts with wages (#1) and includes supplemental income a W-2 holder might earn (e.g., rental, freelance). Excludes employer-specific items (e.g., fringe benefits) unless taxable to the employee.
3. Forms:
   • Form W-2: Employer-issued, wages reported on Form 1040, Line 1.
   • 1099 Series: Issued by payers (e.g., 1099-INT for interest), reported on Form 1040, Schedule 1, or specific schedules (e.g., Schedule D for capital gains).
   • Schedules: Schedule C (self-employment), E (rental), F (farm), etc., flow to Form 1040.
4. Deadline: April 15, 2025, is the standard filing deadline for 2024 returns, extendable to October 15 with Form 4868. Quarterly estimated taxes (Form 1040-ES) may apply for non-W-2 income (e.g., #6, #10) by January 15, April 15, June 15, and September 15.
5. Requirements: Vary by income type; generally, income must be reported if a form is issued (e.g., 1099 > $600) or self-reported if no form (e.g., hobby income).
6. Legal Support: IRC sections define taxability. IRS Publication 17 (Your Federal Income Tax) and specific pubs (e.g., 525 for taxable income) provide guidance.

This table reflects common taxable income sources for a W-2 holder in 2024. For precise applicability (e.g., Social Security taxability), use IRS worksheets or consult a tax professional. Let me know if you’d like expansion on any item!