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How to treat income from a parent while being a caregiver.

Mom has other income besides...
How to treat income from a parent while being a caregiver. Mom has other income besides the Social Security. I have Survivor benefit from deceased husband. We are paying expenses for 2 homes. One in NY, and one in FLA. Is a Schedule H good. Or gift of 13K and the balance of money paid on 1099?
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Answered in 3 minutes by:
8/15/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,592
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified

MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

How are you today?

MyVirtualCPA :

If you are a caregiver for your mother, she would pay you as an employee and would use schedule H along with her tax return at the end of the year

MyVirtualCPA :

She should be withholding tax from your check and remitting payroll taxes as well

Customer:

What if she doesn't normally file? Does she have to file, to do the schedule H?

MyVirtualCPA :

Yes, she would need to file so that she could file schedule H

MyVirtualCPA :

Because she will owe tax from schedule H

Customer:

Does the method of the of payments to me matter, usually cash.

Customer:

How do I file?

MyVirtualCPA :

No, so long as she is remitting the proper employment taxes. She also needs to withhold federal income tax from your check that would go to your credit

MyVirtualCPA :

You will get a W-2 from your mother

MyVirtualCPA :

and file as normal

Customer:

So I need to have a CPA set this up now or at the time of filing?

MyVirtualCPA :

You could do that if you wanted to, or a bookkeeper - you could do it yourself too if you felt up to the task

MyVirtualCPA :

There are several services out there that will handle all your tax reporting for you for about $600-$700 per year. It's not bad considering all the reports that would need to be filed

Customer:

How do you get a W2 form?

MyVirtualCPA :

Your mother would have to order one from the IRS and fill it out. Plus a W-3 form which is the transmittal information for social security

Customer:

How do I pay my social security portion, can she pay it for me on the W#?

MyVirtualCPA :

She will withhold it from your check, and remit it to the IRS and show the amount on the W-2 form

Customer:

If my residence is in NY I will also have to pay State Tax, how is that going to be paid?

MyVirtualCPA :

Yes, you would have to pay state tax. If your mom is in FL, then she would not have to withhold the amount from your check, you would just pay it when you filed your annual tax return in NY

Customer:

Yes she is, okay thanks.

MyVirtualCPA :

You're welcome

MyVirtualCPA :

Do you have any further questions about this regard?

Customer:

One more question, when filling in the numbers on the W2 we have to put the gross amount of income, not my net pay, but I am getting my net pay so as we don't have to do extra work. So then she has to reimburse me for my state tax that I will need to pay.

MyVirtualCPA :

She will not need to reimburse you for your state tax.

MyVirtualCPA :

You just pay that separate

Customer:

Okay. Thanks!

MyVirtualCPA :

You're welcome. If you would, please rate my response as "excellent" so that I may receive credit for assisting you today

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,592
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified
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Thanks for your positive rating. Please come back and visit MyVirtualCPA for any of your tax, finance, or social security needs. It was a pleasure working with you today.
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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,592
16,592 Satisfied Customers
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

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