If my last years income tax return reflects non-recurring income such as lottery winnings or capital gains, should it be included in the calculation of my adjusted income?
If you are applying to a federally-assisted development, non-recurring income would not be included in the calculation of your adjusted income, only the current actual or imputed interest income from those monies would be included. However, if you are applying to a non-federally-assisted development, non-recurring income that is included in the adjusted federal gross income reported on your last year’s tax return would also be included in the calculation of your adjusted income.
Related Questions
- If my last years income tax return reflects non-recurring income such as lottery winnings or capital gains, should it be included in the calculation of my adjusted income?
- If an NRIs income consists only of investment income or income by long-term capital gains or both, would he be required to furnish a return of his income?
- A shareholder or partner has Indiana-source income other than K-1 income. Should the shareholder or partner still be included on the composite return?
