Wednesday, October 21, 2009

Questions about income taxes (money made online) and Child Support? Please read all.?

I have made $192.57 this year on Associated Content and $945 this year on Demand Studios. I'm not sure if Associated Content sends me a tax form or not, but I know Demand Studios sends me a 1099 form. If AC doesn't send me a tax form, is $192.57 supposed to be claimed? If I don't claim it, what could happen?





I am claiming Demand Studios money of course.





Also, I'm getting paid $74.47 a week in Child Support. Is that taxable? Do I have to claim that?
Questions about income taxes (money made online) and Child Support? Please read all.?
Yes, the AC income has to be claimed whether they send you a 1099 or not. The child support isn't reportable or taxable though.





EIC is Earned Income Credit. It's money given to low, and to lower middle income people with kids, who work - the amount depends on the amount of your earned income (from working).
Reply:Child support is definitely not taxable and you do not have to claim it anywhere. You need to claim all the income even if no 1099. Since you are self employed you need to file employment taxes. With your standard deduction and personal exemption and this is your only income I wouldnt expect you to owe anything.
Reply:Whether or not you get a 1099-Misc, you have to claim the income.





So when you file, list $1138. You will owe $160 in self-employment tax, but EIC will probably cover that.
Reply:Yes, child support is not taxable and you do not have to report it.

1 comment:

  1. Good ideas very helpful. I was able to fill out a form online yesterday (http://goo.gl/aQmqPJ) you might want to try. It was easy and it works for me.

    ReplyDelete