Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax
This answer was rated:

Hello. I have a few questions about my tax return. 1) How

Hello. I have a...
Hello. I have a few questions about my tax return. 1) How do I report child support or do I report it at all? 2) How do I report money that was left to me by a family member in their will?

Thank you.
Show More
Show Less
Ask Your Own Tax Question
Answered in 34 minutes by:
7/17/2013
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 3,865
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
Verified
Welcome. THANK YOU for choosing Just Answer. My name is XXXXX XXXXX my goal is to help make YOUR life, a little...LESS taxing.

Q: How do I report child support or do I report it at all?

A: You do not report child support, it is not deductible to you, or considered income to the parent who receives it.

------------------------------------------------------

Q: How do I report money that was left to me by a family member in their will?

A: Inheritances are not taxable income. Therefore you do not need to report an inheritance on your tax return either. However, if the family member was not an American citizen, and the amount rec'd was greater than $100,000, you do need to complete a Form 3520.

Please let me know if I can be of further assistance to you regarding this matter.

Thank you again for using JUST ANSWER.
Ask Your Own Tax Question
Customer reply replied 4 years ago

what do I report if my consulting work was paid by an individual and no 1099 was issued?

Hello again,

As you are doing consulting work, you are considered a sole proprietor for tax purposes. If the amount earned was $400 or more, it does not matter that you did not receive a 1099. You need to complete a Form Schedule C to report income and expenses from your consulting work. This form is included with the Form 1040.

Link to Schedule C/Instructions:

http://www.irs.gov/pub/irs-pdf/f1040sc.pdf
http://www.irs.gov/pub/irs-pdf/i1040sc.pdf
Ask Your Own Tax Question
Customer reply replied 4 years ago

thank you. XXXXX had earnings from a judgement paid from a court TV show. Do i claim them?

Usually money and gifts that are won on television shows are taxable. In some cases judgments and settlements are not. You can refer to the following IRS document that explains the taxation of settlements.

http://www.irs.gov/pub/irs-pdf/p4345.pdf

 

My apologies, but I will be leaving the computer shortly. Please remember to rate my response positively, as this is the way that I will receive credit for assisting you.

 

Thank you again for using JUST ANSWER.

Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 3,865
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
Verified
Tax.appeal.168 and 87 other Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 4 years ago

Hi two more things very quickly if you can


 


1) I do have to file the 1040 alongside my Schedule C Profit or Loss


From Business. I found this form now.



2) Once I have filled out the 1040 how do I send into the IRS since I do not want to use the e filing software?



THANK YOU




 

Hello again,

Thank you for the high posiive rating and bonus. I appreciate it.

As for your last two questions, the following apply;

Q: I do have to file the 1040 alongside my Schedule C Profit or Loss

A: Yes, the Schedule C has to be filed with the Form 1040.

-----------------------------------------------

Q:
Once I have filled out the 1040 how do I send into the IRS since I do not want to use the e filing software?

A: You would have to mail the return in if you don't e-file it. Individual tax software programs have the option to e-file the return for a fee, but if you do not wish to use the e-file option, you will mail the 1040 and applicable forms to the following address;

If you ar enot enclosing a payment:

Department of the Treasury
Internal Revenue Service
Kansas City, MO 64999-0002

If you are enclosing a payment:

Internal Revenue Service
P.O. Box 37008
Hartford, CT 06176-0008

---------------------------------------------------

If you’re NOT including a payment, mail your return to:

 

STATE PROCESSING CENTER

PO BOX 61000
ALBANY NY 12261-0001

 

If you’re including a payment (check or money order), mail your return to:

 

STATE PROCESSING CENTER
PO BOX 15555
ALBANY NY 12212-5555

 

You can mail your return and tax payment using a private delivery service instead of the U.S. Postal Service. If you use any private delivery service, send the forms to:


STATE PROCESSING CENTER
30 WALL STREET
BINGHAMTON NY 13901-2718

 

Thank you again for using JUST ANSWER.

Ask Your Own Tax Question
Ask Tax.appeal.168 Your Own Question
Tax.appeal.168
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 3,865
3,865 Satisfied Customers
Experience: 3+ decades of varied tax industry exp. Tax Biz owner

Tax.appeal.168 is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,310 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,695 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
Accidentally sent IRS an unsigned copy of our 2016 form 1040
accidentally sent IRS an unsigned copy of our 2016 form 1040 and later received a form 3531 requesting a valid original signature. Should that returned signature be dated to the original submittal dat… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
736 satisfied customers
Suppose my taxable income in 220,000 this year and the tax
Suppose my taxable income in 220,000 this year and the tax rate is X up to 200K, but Y for 200and over, do I pay Y on the full 220K or just that above 200K? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I wanted to form a sole proprietor business using my name,
i wanted to form a sole proprietor business using my name, and wound up using my name as a company name, is there a way to reverse this and do it the right way … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I am a sole proprietor with no employees. I am not an LL C
I am a sole proprietor with no employees. I am not an LL C or corporation. Can I issue a 1099 to a sub contractor without affecting my status a a sole proprietor? … read more
Tax.appeal.168
Tax.appeal.168
Tax Accountant
3,865 satisfied customers
If I am a sole proprietor that starts a business using
If I am a sole proprietor that starts a business using personal equipment assets in my business. Are there any ways to establish those assets as depreciable assets and take the maximum allowable write… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
736 satisfied customers
I have a client that was a Sole Proprietor. He formed an LLC
I have a client that was a Sole Proprietor. He formed an LLC and elected to be taxed as an S-corp on 8/1/17. He purchased a $39k vehicle in his sole proprietorship in 2015 and deducted Sec 179 and A/D… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
For the purpose of IRS form 3520 line 54 can an estate
For the purpose of IRS form 3520 line 54 can an estate account be a person 'related to' my brother? For example, if I received money from an estate account from my father in Canada as part of a will a… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
Help with Form 3520. Form 3520 - Need to know what line
Form 3520 - Need to know what line items to fill for having received a cash gift from a foreign citizen … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,483 satisfied customers
Form 3520- Received a bequest from a foreign Estate. Besides
Form 3520- Received a bequest from a foreign Estate. Besides my personal info, what other info, if any, goes on page 1 … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
A sole proprietor with a tentative loss may deduct which of
a sole proprietor with a tentative loss may deduct which of the following for qualified business-use-of-home expenses:mortgage interest depreciation rent utilities… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,226 satisfied customers
I filed my Form 1040, prepared on TurboTax and filed
I filed my Form 1040, prepared on TurboTax and filed electronically via TurboTax. I got nothing back and was told by the IRS that the refund was sent to a different bank transit number than the one sh… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,483 satisfied customers
Can the Internal Revenue Service Audit an Amended 1040 after
Can the Internal Revenue Service Audit an Amended 1040 after the statue of limitations expire ? If so , can you specify why and the federal statue in the Library Of Congress that allows the examinatio… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I was unaware of requirement to file Form 3520. I received
Hello:I was unaware of requirement to file Form 3520. I received cash gifts from foreign persons (parents) in 2016. I have not been contacted by IRS; have no previous under or unreported tax liabiliti… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
A taxpayer, Form 1040 Schedule C, is on the cash basis. The
A taxpayer, Form 1040 Schedule C, is on the cash basis. The average revenue for the last 5 years is $5,100,000. There is no inventory. The NAICS is 423600Can he remain on the cash basis?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Is not knowing you need to file a form 3520 for foreign
Is not knowing you need to file a form 3520 for foreign gifts enough to establish reasonable cause? Plan to voluntarily disclose after finding out the requirement. I did my taxes myself on Turbo Tax, … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,226 satisfied customers
If a sole proprietor loans money to his schedule C does the
If a sole proprietor loans money to his schedule C does the loan increase his basis in the business and when the business is closed, can the unrepaid loans be taken as a loss ?… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,226 satisfied customers
I need tax advice about Form 3520 filing, My husband
My husband received more than $100,000 from a foreign person in 2016, but we didn't know about the form 3520 until today. we already filed our 2016 tax return. what should I do now? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I run a software consulting business as a sole-proprietor
I run a software consulting business as a sole-proprietor and receive 1099 income. I also run a business where I receive K-1 income. My wife helps with bookkeeping for the consulting business. We pay … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x