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Does a 17-year-old who lives at home and earned only 2000 income have to claim 560 interest earned on a CD?
Wiki User
∙ 14y ago
Yes the interest will be entered on the interest income line of the child 1040 tax form that the child qualifies to use.
If qualifies to use the 1040EZ the interest would be entered on line 2
1040EZ line 5 if someone can claim you as a dependent check the applicable box and use the worksheet on the back of the 1040EZ for the correct amount that you will have to enter on line 5 this amount will be your standard deduction amount for the tax year 2009.
Wiki User
∙ 14y ago
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How do i apply for earned income credit if I am self employed?
Self-employment income is earned income. If you meet all the requirements of the requirements for the earned income credit, you would claim it on your tax return. For more information, go to irs.gov website and type this in the search box: "Do I qualify for earned income credit." This will give you information about all the qualifications.
Does parent claim child's bank account interest on income tax form if the interest is reported in child's name?
yes
You loaned your company money but have not claimed it on personal income taxes how many years can you go back to claim the loans?
Claim the loans? You mean claim the interest on the loans, right. Loans are neither a deduction or income.
What if you forgot to claim one of my income on my income tax?
I forgot to claim one of my income when I filed my 2006 income taxes. It is now 2008 and the IRS is slapping me with an interest and penalty charges. Can I file the missed income/W-2 on my next years (2009) income tax?
Can you claim 3 or more children to get more money back on your tax refund?
If you have earned income you claim as many as you have for an exemption however for the EIC credit you can only claim 3
Will i receive a tax return check if i have no income and claim a child?
No. Qualifying earned income is required. Income that you work for.
Can you claim mortgage interest on income taxes on your NY home and live in Florida?
On your federal income taxes, you are allowed to claim a mortgage interest deduction for your principal residence and one other residence of your choice. It does not have to be in the same state. In addition, you are allowed to claim the interest on all rental or business properties.
Can you claim EDD UI benefits?
No. As you stated, "as earned income?", it does not qualify as such. Only bonafide wages actually earned is required.
How do i apply for earned income credit if I am self employed?
Self-employment income is earned income. If you meet all the requirements of the requirements for the earned income credit, you would claim it on your tax return. For more information, go to irs.gov website and type this in the search box: "Do I qualify for earned income credit." This will give you information about all the qualifications.
Can you claim school loans on income tax?
Well, loans if anything would be income (but it isn't). You mean the interest on them...NO. Interest on personal use loans is not deductible.
Does the IRA report int income to social security?
IRA and and any other income that had been earned in that year will be sent to the government. You will have to claim any income in your income tax.
Can I claim earned income credit for my child while the other parent claims him as a dependent?
i think you can
Does parent claim child's bank account interest on income tax form if the interest is reported in child's name?
yes
You loaned your company money but have not claimed it on personal income taxes how many years can you go back to claim the loans?
Claim the loans? You mean claim the interest on the loans, right. Loans are neither a deduction or income.
What if you forgot to claim one of my income on my income tax?
I forgot to claim one of my income when I filed my 2006 income taxes. It is now 2008 and the IRS is slapping me with an interest and penalty charges. Can I file the missed income/W-2 on my next years (2009) income tax?
Can you claim 3 or more children to get more money back on your tax refund?
If you have earned income you claim as many as you have for an exemption however for the EIC credit you can only claim 3
Can you claim your son on your taxes if you didn't work this year?
Yes... for the earned income credit and such. It makes no difference for your income taxes really, as your not paying any.
