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Tax question....

E

Electric Amish

Elite Member
My wife received a form 1099 detailing her disability payments. There is a worksheet with it to determine if we need to pay taxes on any of the disability money.

One line states something along the lines of the following (I wish I had the form in front of my):

On line (b) enter any of your income from other sources....


My question is does this refer solely to my wife's "other income" or "other income" in regards to other income of the family (e.g. my income)?

tia

amish
 
I believe that is just other income from something such as a second job or unreported income.

Go check Tax Planet or call the IRS to find out for sure.
 
I am not a cpa, but I'm almost positive that means other income that you have not recieved a W-2 or 1099 form for.
 
Originally posted by: bunker
I am not a cpa, but I'm almost positive that means other income that you have not recieved a W-2 or 1099 form for.
Click to expand...

Strictly for my wife though, right? This document wouldn't take into consideration any of my income since it's with her disability 1099, would it??

amish
 
Check this form:

http://www.irs.gov/pub/irs-pdf/i1099gi2.pdf

The 1099 is only a statement to your wife showing how much disability she recieved. IIRC you shouldn't be filling anything out on the 1099, but submitting it with your return (form 1040). There is a line somewhere on the 1040 to report this sort of income, but if she is disabled it may not need to be reported (edit - still needs to be reported may get a credit though): Check here
 
Originally posted by: Electric Amish
Originally posted by: bunker
I am not a cpa, but I'm almost positive that means other income that you have not recieved a W-2 or 1099 form for.
Click to expand...

Strictly for my wife though, right? This document wouldn't take into consideration any of my income since it's with her disability 1099, would it??

amish
Click to expand...

No, you already have forms documenting your income. You don't have to put it on her disability form.
 
Is this long-term or short-term disability? Were the premiums paid by your wife or her employer or both? I assume the 1099 came from the third-party payor?
 
Originally posted by: CPA
Is this long-term or short-term disability? Were the premiums paid by your wife or her employer or both? I assume the 1099 came from the third-party payor?
Click to expand...

This is SS disability through the government.

amish
 
Originally posted by: Electric Amish
Originally posted by: CPA
Is this long-term or short-term disability? Were the premiums paid by your wife or her employer or both? I assume the 1099 came from the third-party payor?
Click to expand...

This is SS disability through the government.

amish
Click to expand...


This from publication 915:

If you are married and file a joint return for 2002, you and your spouse must combine your incomes and your benefits
to figure whether any of your combined benefits are taxable. Even if your spouse did not receive any benefits, must add your spouse?s income to yours to figure whether your benefits are taxable.

This is true for social security benefits, including disability, excluding SSI. Sorry, but looks like you may have to pay some tax on her benefits, unless your exclusion is high enough.

 
It would be specifically for her. You would have your own forms. If you want some free software to help with it, look at TaxAct. It's pretty good. I used it this year. It even has an option for electronic filing ($7.95) is you happen to be getting a refund.
 
Originally posted by: KC5AV
It would be specifically for her. You would have your own forms. If you want some free software to help with it, look at TaxAct. It's pretty good. I used it this year. It even has an option for electronic filing ($7.95) is you happen to be getting a refund.
Click to expand...

Wrong and Right.

Wrong on the code, right on the tax package. Taxact is pretty good.

 
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