Government Benefits
Reporting requirements for government benefits depend on the source. For example, report state unemployment payments, but do not report federal social security payments. When reporting a benefit payment, report the exact amount of the payment in the “Other Income” column.
Do not report:
• Income received as an employee of the United States federal government, including military Reserve pay.
• Retirement benefits received from the United States federal government, including the federal government’s Thrift Savings Plan and any other United States federal government retirement system.
• Income from the United States federal government’s social security, veterans benefits, and other similar United States federal government benefits programs.
Report:
• Honoraria received from the United States federal government.
• Consulting fees received as an independent contractor with the United States federal government.
• Salary received from state, local, or foreign government employment.
• Honoraria or consulting fees received from state, local, or foreign government sources.
• Income from non-federal unemployment benefits and other similar state, local, or foreign government benefits programs.
• Retirement benefits from a state, local, or foreign government, such as participation in a defined benefit plan or a defined contribution plan.
This guide is not intended to provide investment advice, and you should not rely on statements in this guide when making investment decisions.