2007-01-22 15:08:57 · 9 answers · asked by ? 3 in Business & Finance ➔ Taxes ➔ United States
Maybe. You would need to provide more details on the situation.
For example, if they claim you as a dependant and this money is going toward your room and board while going to college, you wouldn't need to pay taxes on it.
However, if you are emancipated (they don't claim you as a deendant on their taxes), then they can gift you up to $10,000 without you paying income tax on it. However, any amount above that is taxable as is the interest you received on the money from the bank. If you didn't make much money for the year, you may find that the stanard deduction would cover that amount and you may owe nothing.
That said, consult a qualified tax professional before filing if you are unsure. I haven't dealt with this in years and the rules may be different.
2007-01-22 15:26:53 · answer #1 · answered by Lee W. 5 · 0⤊ 0⤋
You have enough on your hands so any second job is out for you. On that note the on line jobs are all a scam as millions would be doing it if it was a truly viable option. Cc's answer has some good tips. The changing exemptions to the max is a great idea. Your husband will then get most all of his check. Of course more will be have to be paid a year or so from now but that it another time........ you need to just get through. That he dropped college for now is great. The fact that you are mind full of food and expenses is as well. But there is always a way to pare more off the bills. Depending on your bills and cancellation fees...... you might just drop cable or a land line phone. My main point depends on your husbands schedule. Intellectual property can mean many things in many businesses. Be it corporate or to it being a DJ it only means that you can't work for a direct competitor. In each case it means something has to be signed. You can work in any other field regardless. Years ago I went through this kind of thing and put my pride aside. I worked in a restaurant after my normal job. I also took a stab at just stocking groceries in the middle of the night. Sure it was not my thing but the bills got paid. I did not see my family at all and I was butt tired. Now years later when I make ungodly money........ my wife knows that I would do anything to care for my family. Intelectual property is a copout.
2016-05-23 23:43:05 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Why are you receiving these monthly payments? Only then can it be determined if you have income or not from these payments. Perhaps it is alimony, payments on a loan, or wages, which are fully or partly taxable. Perhaps you are a dependent student and your family is sending you support, which is not taxable.
Any earnings from these payments are taxable.
2007-01-22 18:09:38 · answer #3 · answered by ninasgramma 7 · 0⤊ 0⤋
Your folks will have a gift tax, but at the end of the year, you'll have to declare the interest on the money in your account.
2007-01-22 15:16:14 · answer #4 · answered by 21FRANK D 1 · 0⤊ 1⤋
Is it earned income? Is it for your living expenses while you go to school?
www.IRS.gov
forms, schedules and instructions
Since you are able to receive the money, you need to learn about the laws, and that's in the instructions.
There you may find out what it says about INCOME - from various sources.
GOD bless America, always
CPA -retired
2007-01-22 15:13:58 · answer #5 · answered by May I help You? 6 · 0⤊ 0⤋
you will have pay tax on the interest from that money.
2007-01-22 15:15:20 · answer #6 · answered by audrey_halley2004 4 · 0⤊ 0⤋
NO, NOT UNLESS THEY ARE GOING TO CLAIM THE MONEY THEY GAVE YOU.THIS SHOULDN'T HAPPEN UNLESS YOU WORK FOR THEM.
2007-01-22 15:15:31 · answer #7 · answered by LIZAMAE 2 · 0⤊ 0⤋
yes you do
2007-01-22 15:12:49 · answer #8 · answered by hazel2nuts 3 · 0⤊ 2⤋
no
2007-01-22 15:15:53 · answer #9 · answered by Anonymous · 0⤊ 0⤋