Any other creative (legal) workaround ideas welcome.
If you have a brother who's way over the limit anyway, designate him as intended recipient. You fill out a special form and get it notarized. than pay him the tax that he's paying (essentially on your money) in cash.
does that need to be done before year's end?
The investment income limit in order to receive the EITC is $3600 for 2019.Does investments held in children's names count towards the $3600 investment income limit?Any other creative (legal) workaround ideas welcome.
also, does 'tax-free income' (IRA, Muni accounts) count towards this, practically?
For income checks written out in one year (dec) but deposited the next year (feb) - which year do you file it as income?
Are there any free ways to do NJ ethics courses online? What is the cheapest?
Muni Interest is Unearned Income and will count against the EITC
so the bank holding it will issue a 1099 of some sort for it, labeling it as 'unearned (tax-free) income'?
Cash or Accrual ? taxpayer is usually cash, if you get a 1099 though you could have issuesand you cant really get it and not deposited, because of constructive receipt
thanx - it was a check written out to business so there's no 1099, and wasn't deposited til a while later. Which year was it supposed to be filed as income? Since the payer was counting it as an expense from the previous year I filed it for that year as well even though I only deposited the next year. correct or not?
If I wanted to stay eligible for Jersey care. Is it legal to ask an employer to delay payment for a long time in order to be considered that I don't have a high income for the year?For example I would accept paychecks for the first couple of months. But then I would ask him to not pay me for like a year. Also let's say he does that and I stop working can I collect payment next year for the same reason?
Stop asking so many questions. But what happens if the employer doesnt have funds to pay you and he only pays next year. Obviously it's not considered income for this year...
It is income when the check is received - the date of the check and the date deposited are not relevant.