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Someone I know only received about $2300-2700 in income in…

Someone I know only received...
Someone I know only received about $2300-2700 in income in 2017. Can I just add a few more hundred dollars to his income so that he qualifies for Earned Income Tax Credit and possibly not get audited. Of course the info that his job reports to IRS won't match his submittal but will $300-$700 additional $'s really cause a stir?
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Answered in 1 minute by:
3/12/2018
Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 14,888
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. My name’s Lane …

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986.

I’m reading your question now.

Bear with me a moment while I type up my response.

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Then if you have further questions we can go from there.

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Customer reply replied 5 months ago
No prob ��
Customer reply replied 5 months ago
Im sorry, It costs too much to do a phone chat. I just realized I've been paying for this service for several months and have not used it so just trying to get my money's worth before I cancel my membership.

So sorry, but yes, becasue employers are required to send W-2's - and 1099's if the arrangement is a contractor arrangement - once he reports something different from what IRS received in those IRS copies of the W-2 (or 1099) he will likely get q question.

...

If he's a W-2 employee, it's a given. If he reports as a schedule C independent contractor, that wouldn't likely be an issue because many times self-employed individuals get income from varying sources (but it's all still earned income).

...

But, for a W-2 employee? ... There WILL be a question, AND a penalty to the employer for not sending an accurate W-2

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Disregard that phone offer. That's something that the site throws out there so that you'll have it. That didn't come from me.

...

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars on your screen, and then clicking “submit")

That’s the only way JustAnswer.com will credit me for the work.

But again, let me know if you need more here,

Lane

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Customer reply replied 5 months ago
Hmmmm, ok. Looks like he should go with 1099 income per your response. Thanks so much that was very helpful. He cared for 2 kids during 2017 but didn't earn enough income to quality for child tax, child care, nor earned income credits....uhgggg
Customer reply replied 5 months ago
Kids ages 11 & 15

Yep, the 1099 would allow for the acceptance of the possibility that he actually earned more.

...

Either way, however, he SHOULD only be reporting what was actually earned (made in self-employment income) DURING the tax year.

...

If we're talking about 2018 then either way works... if we're talking about 2017, then, you should understand that there's the risk of IRS asking to prove that the income was actually earned in 2017.

...

(I'll hope you'll rate me based on thoroughness and accuracy, rather than any good news/bad news content)

...

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars on your screen, and then clicking “submit")

That’s the only way JustAnswer.com will credit me for the work.

Lane

Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 14,888
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified
Lane and 87 other Finance Specialists are ready to help you
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Customer reply replied 5 months ago
Got it! Thanks again. Very thorough and easily understandable answers.Have a great day!
Will leave great rating
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Lane
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Lane, JD, CFP, MBA, CRPS
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