The Commerce Journal,Business and Local Businesses
*The Commerce Journal>>>United States Taxes

How much income should be reported on parent's Form 1040, line 12?


Debra and Jeff are married and file a joint return. Debra is an office assistant and received a Form
W-2 in the amount of $25,000 while her husband earned $18,000 that shows up on a Form 1099-
MISC for his house repair gigs. He spent $2,500 for various supplies and tools he used at work. They
have a daughter, Melissa, age 17, who received a Form 1099-MISC for $2,000 she earned during
summer working as a photo model. Melissa is claimed as a dependent on the joint return. How much
income should be reported on parent's Form 1040, line 12?
a. $15,500
b. $17,500
c. $18,000
d. $20,000
e. $25,000

On line 12 just 15,500 and the 2,000 that the daughter earn she is going to put them on her taxes as a dependent filler.

20,000 i think?

but sites can help you

http://www.thewrestlinggame.com/wg.asp?w...

25,000+(18,000-2500)= Your answer

Look , if you want to play teacher , please go to the kiddie section.

dependent income is not counted with parents' income. also, any tax credits must be listed AFTER total gross income is reported.

umm it should be 43k

Line 12 is for business income, so it's only Jeff's $18K minus his $2500 in expenses.

Melissa's income goes on her own return. Debra's W-2 income goes on line 7, not line 12.

Tags
  Austin   Atlanta   Other - Business & Finance   Other Taxes   United States Taxes   United Kingdom Taxes   Spain Taxes   Singapore Taxes   Mexico Taxes   Ireland Taxes   India Taxes
Related information
  • Sales Tax on Returns?

    I have to disagree with bostonian here. You should have received the entire tax that you paid when you returned the item to the store. The reason that you did not receive the entire refund was ...

  • When IRS start accepting 2007 income tax?

    By mail 1/2/2008. By efiling, most on 1/14/2008. By efiling, the rest on 2/11/2008. The forms that are delayed: Form 8863, Education Credits Form 5695, Residential Energy Credits Schedule ...

  • How much more will I get back on my taxes due to filing "Independant" compared to "dependant" on my parents?

    If you have bought a place you get to count interest from the house payment. From the question I assume you are a student and so your income is probably not that high. That means that the tax brake...

  • I haven't filed taxes in 4 years, what do I need to do to "get right" with the IRS?

    call an H&R Block office. Ask to speak with a Tax Advisor. Check to see that the person you are talking to has been doing the job for at least 5 years. Then make an appointment to go in and hav...

  • If I am a student living with my parents and I made $5,000...?

    Assuming the $5K was not from self-employment, you'll get everything back that was withheld for income tax.

    ...
  • What is the earliest date I can file my 2007 tax returns?

    January 1 if you file by mail - January for efile 14 for most returns, Feb 11 for people using one of the forms that the IRS isn't ready for due to the late AMT changes made by Congress.

    ...
  • I live in nys and i recieved an annuity death benefit. Is this taxable?

    Yes. There are ways around it though. Consult a financial advisor, they ''know'' money (that is afterall what they do.)

    ...
  • How much does Liberty Tax pay their tax preparers?

    Not sure about Liberty, but Block pays you based on the number of returns you did, the number of years you've worked, a certification level amount for training you've accomplished, and th...

  •  

    Commerce Categories--Copyright/IP Policy--Contact Webmaster