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Thread: Which form?

  1. #1
    Featured Member thechaosfairy's Avatar
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    Default Which form?

    I made about $1500 last year dancing, 'cuz I started in late October, worked about two shifts a week in a tiny club, and hurt my foot in early December. I really don't want to have to go to all the trouble to file a 1040 for that. I heard in some other threads here that dancers do sometimes fudge and file simpler tax forms. How does one go about reporting income if doing so? How do you list it, when you haven't got a paper trail whatsoever?

    I hope that's the right question about it -- I don't know how this stuff works, because I've never done my taxes before. But I'm dancing part-time in a dive bar and mainly living off student loans. I'm not exactly partying away thousands of dollars here. My idea of going out on the town is to buy a couple of drinks and spend the night writing short stories in a diner bar, because I'm just like that. When I heal up enough to return to dancing more than one day a week, I'm sure I'll make enough money to have something to write home about. Right now, though, it's on the level of a hobby that brings in some tertiary income.

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    Banned Melonie's Avatar
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    Default Re: Which form?

    If you're a student, and you're being counted as a dependent on your parent's tax form, one correct way to report this little bit of income is on your parents' tax return.

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    Featured Member thechaosfairy's Avatar
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    Default Re: Which form?

    I'm actually on loans -- but I found out that the loans aren't taxable, and then looked at it and determined that the amount of money I earned last year fell under the threshold where I'd need to file a tax return as an employee, and after wonking around with forms for a while, decided to skip the whole foofarah because I started late enough last year that the income was eentsy.

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    Senior Member DanMorris95156's Avatar
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    Default Re: Which form?

    Self employment income is to be reported on schedule C - and that requires a full form 1040 and you have to include schedule SE for self-employment (social security tax) unless profits are below $400.

    You can elect to report you self employment earnings on the other income line and file the SE tax form, but that might be more red flagging then necessary. Reporting income on parents return will create issues as the parents will ask more questions - don't claim a doulbe exemption though.

    Regards,

    Dan Morris
    Daniel D. Morris, CPA
    [email protected]

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