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Question

How is gross income reported on Form 5227, Box D calculated?

Answer

Gross income is all income received in the form of money, property, and services that is not exempt from tax. Gross income is the total income received before allowable deductions. The following is included as gross income.

• Taxable interest and dividends
• Taxable refunds of state and local taxes
• Gross business income less cost of goods sold from Schedule C, line 7

• Capital gains from Schedule D

  Note: Only gains are included; losses are not netted against gains.

• Capital gain distributions reported on Schedule D

• Gains on sale of business property from Form 4797

  Note: Only gains are included; losses are not netted against gains.

• Taxable IRA distributions, pensions, and annuities
• Gross rental and royalty income from Schedule E, line 4
• Taxable net income from an estate or trust from Schedule E, line 37
• Income from a REMIC reported on Schedule E, line 38
• Farm income from Schedule F, line 9
• Distributive share of gross income from a partnership
• Pro rata share of gross income from an S Corporation
• Other income that is not reported with any of the items listed above

Related topic: 1041-US: Form 5227 FAQs

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