It's the part of the income tax form that you put in how much you made. Do you put in your gross or how much you got after taxes??
2007-01-06 16:07:08 · 6 answers · asked by Mandi 2 in Business & Finance ➔ Taxes ➔ United States
Gross income. This is usually in box 1 of your W-2. This amount may be smaller than your social security income due to pretax savings such as a retirement plan like a 401(k). This may also be reduced by pretax payments made for health insurance premiums. Nearabouts January 31, 2007, you should receive a W-2 statement from each of your employers in 2006 (just in case you had more than one) and can just add up all the amounts in box 1.
If you had tip income and did NOT report this to your employers, then this amount is not included in box 1 of your W-2s and you will need to add this manually to line 7 of your 1040 in addition the amounts in box 1 of your W-2s. You would need to count up the tips, file form 4137 and report that extra tax on line 59 of your 1040.
Or wait until you have all your forms and if your income is low enough, you can go get your taxes done for you for free at a volunteer clinic.
2007-01-07 11:26:53 · answer #1 · answered by MousePotato 2 · 0⤊ 0⤋
Gross--you are always taxed on your gross income. Later on the form, you will be asked how much you paid in taxes.
2007-01-06 16:10:14 · answer #2 · answered by Holiday Magic 7 · 1⤊ 0⤋
You would enter the gross amount. You can get an instruction booklet from the post office or irs.gov. That tells you step by step what amounts go where and it has charts for tax credits.
2007-01-06 18:04:35 · answer #3 · answered by Kim 3 · 0⤊ 0⤋
Gross. It should be in your W-2. Make sure you have the instructions for your form (you can download the book from irs.gov). It will help you find the right numbers from your W-2 and other forms.
2007-01-06 16:33:21 · answer #4 · answered by Brad2598 2 · 1⤊ 0⤋
Get your W2 and then get a friendly software package. It will tell you what number to enter box by box. Answer the questions in the interview, and you should be good to go. You can print out the return and mail it in if you don't want to mess with e-file (although it is really easy, too).
2007-01-06 16:31:29 · answer #5 · answered by ninasgramma 7 · 1⤊ 0⤋
Just go to freetaxusa.com and file. Depending on how much you made it's free, if not it's only $9.95. Their site isn't open yet wait a week or so.
2007-01-06 16:23:57 · answer #6 · answered by NETTA M 3 · 0⤊ 1⤋