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League City Texas Form Instruction 1040 Line 51: What You Should Know

If any state income tax is due, complete Schedule A of IRS Form 1040-C, line 23. FEDERAL AND STATE 1. How do I report my income, deductions, and credits? All individuals must complete and file the tax return(s) on which they claim the earned income credit (EIC) and the alternative minimum tax. Generally, the tax return(s) must be filed individually and should include a Schedule K, Schedule C, or Schedule D. 2. What is “earned income” and “bonus” income? All individuals must include in income any earned income as well as additional income. Earned income is income (i.e., wages, salary, bonuses, interest, dividends, etc.) derived during the tax year from any source after you become subject to self-employment tax. Bonus income or any cash bonuses from a business is not included in your income. 3. What is self-employment tax? Your income is taxed as self-employment tax only if you are engaging in “qualified business activity.” Qualified business activity means at least 50 percent of your gross income is derived from the conduct of a trade or business, and the trade or business is the principal thing you do for yourself. For more information, see Publication 519, Trade or Business Activity Tests, and Publication 534, Business Expenses. 4. I will be filing a joint state tax return. Do I have to include my spouse's income on a separate tax return? When filing the state and local income tax returns on which the EIC and AMT are based, the self-employment tax is due on your joint return (taxable income on forms 1040 and 1040-ES, taxable income on Form 2555). 5. I am self-employed to make capital expenditures for buildings, repairs, remodeling, etc. My gross income is less than 1,000. Do I have to report my net self-employment income as earned income under both the federal and state tax returns? Yes. You must report all income you received. The federal tax code requires that all earned income (not just the earned income tax credit) be includable in gross income. However, the state and local income tax code uses gross income to determine your eligibility. You must treat that income as earned income.

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