how do i report these earnings?

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how do i report these earnings?

1,000,000 people gave me one dollar each to help me quit my job and become a philanthropist. are these considered donations and what type of taxes are owed?

2007-01-17 23:31:25 · 3 answers · asked by ruth c 1 in Business & Finance ➔ Taxes ➔ United States

3 answers

Report it as income.

2007-01-17 23:36:08 · answer #1 · answered by Anonymous · 0⤊ 1⤋

It should be listed on Form 1040 line 21 under "Other Income". Write in the word "donations".

2007-01-19 00:51:16 · answer #2 · answered by Weetie 3 · 0⤊ 1⤋

Ha ha ha. Sure, that happened. In your dreams. ;-}

If it really did (uh-huh), you could consider the money as gifts and not report anything.

2007-01-19 01:36:29 · answer #3 · answered by Judy 7 · 0⤊ 0⤋