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Calculating Total Income

A taxpayer’s total income can include many kinds of income:

  • alimony
  • amounts received from IRAs and pension plans
  • business and partnership income
  • dividends
  • interest
  • lottery winnings
  • wages
  • all other sources of income

The list also includes profit from the sale of stock or real property, otherwise known as capital gain. There are a few sources that are not included, such as gifts and life insurance proceeds.

Inside Calculating Total Income