Do I have to report a small amount of income?

Question

I worked a temporary gig for a friend last year and made about $500. There was very minimal federal tax withheld.

I'm positive that the W2 is going to be late if I receive it at all.

Do I have to wait and include that in our family income or can I just let it go since it is so minimal.

Husband and I file married, joint.

Answer 1

You will have to claim it because it will be reported by your employer.

You won't pay much........unless you try to keep the IRS from getting their share.

Answer 2

I do taxes on the side listen to this:

Married filing jointly and not over 65 or blind.

You must file a return if any of the following apply:

Your unearned income was more than 800.00
Your earned income was more than 5000.00
Your gross income was at least 5.00 and your spouse files a separate return and itemizes deductions
Your gross income was more than the larger of:
800.00 or
Your earned income (up to 4,750.00) plus 250.

That 500 wont creat a DENT in your refund Federal or State.

Hope this helps.

Answer 3

Yes you should include it. If you are not expecting a w-2 you could go by your last paycheck and fill in the information from that. All employers are required to deliver(at least to post office) their w-2s by January 31. If this is not done they could be assessed a penalty

Answer 4

Since they took out for federal tax you can bet the Feds have it. If you don't declare that income, it would be tantamount to income tax evasion.
DON'T mess with the FEDS! They will find out. Be honest and declare it!

Answer 5

If you're filing joint, then you have to include ALL the income, including this tiny one.

Answer 6

Don't bother. You would end up spending more money on paying someone to prepare your taxes ( if you do ) or wasting your time doing so yourself...