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.