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