Q&A: I am submitting my tax return (late). Must I report income from my parents (my only income)? If so, how?
Question by Semper: I am submitting my tax return (late). Must I report income from my parents (my only income)? If so, how?
I am not working, as I am back in school and my only income is help from my parents. I am too old to be a dependent. I am not sure how to report that income, since the only place I see to report it on the return asks for an employer ID — but reporting no income seems wrong, so…. ?
Answer by acmeraven
I am a parent with six daughters and have done tax returns since 1971. When kids get the long green from mom or dad it is usually under the gift exemption status. If you got less than 11,000.00 from each parent there is nothing to report, declare, yaddah. Stay in school and get a good job so you can support them when they get old and social security goes belly up.
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