How much money can you make in IL without having to claim income?

Question

I clean houses, work for cash....but I am going to school next semester. For financial aid I have to claim some income for 2006. In 05, I had taxable income, since then...no. Any thoughts appreciated. Documented facts better. Thank you.

Answer 1

Funny how working illegally "under the table" and evading taxes can come back to bite you, isn't it? Your income from cleaning houses is taxable, you just haven't been following the law and paying tax on it. This is considered self-employment income, and if you made over $400 for the year, you are required to report it on a tax return.

You need to file a return, and show your cleaning income (and expenses if any) on a schedule C. Show the amount you actually made. You'll also fill out a schedule SE to calculate your self-employment tax. The numbers from the bottom of the two schedules will transfer to a form 1040.

Answer 2

You DO have taxable income! That house cleaning income is FULLY taxable. If you have more than $400 in self-employment income, you MUST file a return and pay any taxes due.

Answer 3

If your question is on filing an Illinois return as an Illinois resident, you must file if you were required to file a federal return, or your Illinois income is greater than your Illinois exemption allowance. For example, if you have no dependents, you must file if your income is greater than $2000.

Answer 4

If you claim any income Financial aid is going to require proof. So you may have to submit tax returns and/or receipts.Go to irs.gov and you should be able to find the answers to your questions. Good Luck, Check out the below website for addtional information

- Carye
http://www.IBOPlus.com/40485726
http://www.EveryoneBenefits.com/40485726

Answer 5

It has to be below the poverty line, which is federally set. http://en.wikipedia.org/wiki/Poverty_in_the_United_States