Do i enter in tax exempt amounts too??

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in the "other income" section, I have other income that quaifies as being tax exempt. Do i enter that amount anyway, or leave it out b/c its exempt?

2007-03-15 11:29:00 · 3 answers · asked by jezabella 3 in Business & Finance ➔ Taxes ➔ United States

If it's exempt, do NOT list it on the Other Income line. If you do, you will pay taxes on it.

2007-03-15 11:32:51 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋

Tax exempt interest income is listed on line 8b of 1040. you don't pay tax on it, but its used in the AMT calc.

2007-03-15 12:14:26 · answer #2 · answered by Z28_Zeppelin 2 · 0⤊ 1⤋

It really depends on what type of income it is.

2007-03-15 11:46:31 · answer #3 · answered by LJ 2 · 0⤊ 0⤋