 Do i get a bigger tax refund if i file single with one child? |
Additional Details
does it matter if i live with my parents still but they are filing separately?... |
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 Do I need to pay tax on this?? |
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 Should unmarried single parents be allowed to claim their kids on their taxes ? |
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 Do fulltime students under 23 need to file a tax return? |
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 What can i do if someone claims my child for their tax's? |
| someone has claimed my daughter for the past two years and i want to find out who is doing this but the irs said that they cant tell me who did ... |
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 How do you plan on spending your federal rebate check? |
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I'm going to Jamaica next week for a week for my 40th birthday so I think I'll save my rebate for a trip to Aruba next year for my 41st birthday!... |
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 Help should i go to work get £480 pm and pay £400 in childcare? |
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 How can I avoid paying the IRS $7000 in back taxes? |
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I made 90k in 2005 and had a cpa do my taxes but never sent them in.... |
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annyvt | I was paid cash to do work on my parent's house. Should I include this on my taxes as "WAGES EARNED"? |
or do i include it as a miscellaneous income? I am currently doing my taxes on TurboTax. Please help, i dont want to screw it up.
Additional Details
If I add this on TurboTax as WAGES it increases my refund by $1,400, but if I don’t it decreases my refund $-1,400. Obviously I have no paperwork that I received this money and my parents did not include it in their taxes. That's why I am asking this question. I could greatly benefit from $1,400 for my kids, but I don’t want to have the IRS after me later on, too. |
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MICon
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The money received is neither wages nor miscellaneous income. It is income from self-employment. You will need to complete IRS Form 1040 Schedule C or C-EZ. You will also then need to complete Schedule SE. Turbo Tax will ask you if you have self employment income and complete the schedule for you but you need something more than the basic Turbo Tax package. Their most basic product does not include Schedule C. You can also obtain Schedules C and SE from the IRS at irs.gov and they have instructions available. If you just have the amount from your parents and no expenses it should be very easy to complete. You will have no inventory or cost of goods sold so you simply input your earnings and then it is added to your Form 1040. You will also compute Self Employment Tax if you earned over $400 (There is a short Schedule SE that may apply to you). Half of the Self Employment tax is a deduction on your 1040 so be sure not to overlook that. |
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bostonianinmo
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Neither. It goes on Schedule C or C-EZ, along with any business expenses against the income. If the net profit is $400 or more, that goes to Schedule SE to calculate the Self Employment tax, an additional 15.3% for Social Security and Medicare.
If you're using Turbo Tax, it will ask you if you received any Forms 1099 (probalby not in this case) and later it will ask you if you had income from self-employment that wasn't reported on Form 1099. The answer to the self-employment question is "yes." It will then walk you through the correct forms and calculations. |
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Judy1
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If it's changing your tax by that much, we're obviously not talking $10 and a pizza and a beer here, but a rather substantial sum.
Legally it must be reported, not as wages earned or as miscellaneous income, but as self-employment income, reported on schedule C or C-EZ (also showing any related expenses), with self-employment tax figured on schedule SE. |
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Jo Blo
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Please listen to Bostonianinmo above. He has the ONLY correct answer,, the others don't have a clue and shouldn't be advising people about income tax. |
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SG Elite
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Consider it as a gift from your parents. No reporting necessary. |
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Paintings P
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You're rather honest. |
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baby blues
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NO |
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jen070480
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legally yes - realistically, no... I wouldnt & most of the accountants I know wouldnt... its cash & harder for the IRS to trace. Plus your parents are allowed to give you a gift. So if its under 11500 your fine. |
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alex l
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unless your parents reported this work being done on there home then you should just not mention the work at all. |
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LittleBarb
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Ex Tax Department (NY) worker here... Most of the people here are right---legally, you SHOULD report it because it falls under the definition of EARNED INCOME, but you have no W-2 for this work and no Form 1099 so actually, if you DIDN'T claim it, no one would know... however, you obviously have a conscious or you wouldn't have asked the question...I'd stick it under ADDITIONAL INCOME on the tax return and leave it at that ....depending on how much you were paid it would reduce your next refund by as LITTLE as $1.00 (ONE DOLLAR) it would all depend on the amount of cash you are going to claim you got paid....... but, and PLEASE don't tell ANYONE I said this----if NO one puts anything on your tax return about it at ALL, no one would be the wiser.. hopefully you mean for NEXT YEARS' taxes as this years are long past due!!!!! |
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Sid
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Your taxes are already late so what's another few days...
The benefit to your parents tax return may be greater then the cost to you.
For instance if claiming the "earnings" has no negative effect on your taxes, Then claim it and let your parents deduct it from their earnings.
Besides, your parents have already filed their returns, so find out how or if they listed it and for how much exactly. |
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evilkidstevey
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Technically yes...how much are we atlking here though? Most people woudlnt include a cash job like this, its referred to as "under the table". |
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hopper
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not unless your parents use it on their taxes, ask them and then decide which is best. I would not do so, doesn't the gov make enough? |
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