can you report splitting of your tips with others as a negative number on line 21 on the 1040?

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can you report splitting of your tips with others as a negative number on line 21 on the 1040?

2007-02-04 04:24:40 · 2 answers · asked by mhwick@sbcglobal.net 1 in Business & Finance ➔ Taxes ➔ United States

2 answers

No, you should report only the tips that you walk out with as income and not include those that were split or payed out to others, but you cannot report them as a negative because you were not the employer...

2007-02-04 04:28:03 · answer #1 · answered by Anonymous · 0⤊ 0⤋

No, you MUST report tip-outs on the form that you give to your employer when you report your tips to your employer. The tip-outs MUST list the name of the recipient.

If you failed to report your tip-outs on the monthly report you've lost the chance forever.

2007-02-04 12:32:53 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋