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Tip income

 
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bc3544



Joined: 06 Feb 2008
Posts: 1
PostPosted: Wed Feb 06, 2008 2:35 pm    Post subject: Tip income Reply with quote
Where do I report cash tip income in TaxAct? There are at least 2
separate boxes regarding TIPs on the fill-in W-2 form. Also, is there
a threshold under which tips don't have to be reported?

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Phil Marti



Joined: 25 Aug 2007
Posts: 2520
PostPosted: Thu Feb 07, 2008 7:20 pm    Post subject: Re: Tip income Reply with quote
wrote:

> Where do I report cash tip income in TaxAct? There are at least 2
> separate boxes regarding TIPs on the fill-in W-2 form. Also, is there
> a threshold under which tips don't have to be reported?

Start with IRS Publication 531 if you received these tips as an employee.
(If you received them as an independent contractor, they're just part of
gross receipts on Schedule C.)

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Phil Marti
Clarksburg, MD
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