The majority of income comes from W-2 and 1099 forms. These forms include compensation for wages earned as an employee (W-2) and for compensation earned as an independent contractor (1099). There are many different types of compensation reported on 1099s including consulting fees, legal fees, rent, fishing proceeds and farming income.

Class, what are some of the other types of income that must be reported on an taxpayer's tax return? How is this income reported to the taxpayer?