I864 Self-employed concerns and questions

[Darnell 8,479]

For your current income, you list what you have made right now, your Year to Date amount.

Because you are self employed you filed a 1040, you put your TOTAL income from line 22 where it asks for past income from your US tax return.

current income is

projected 2012 income, all 365 days, NOT and NEVER 'year to date'.

groundhog -

re: these joint accounts...

you say there's 60K in joint accounts

but

if your name is NOT on the account, it's not your monies.

joint and YOU - 1/3 rule

HER accounts - 1/5 rule

so 'ware, aye?

[pushbrk 13,043]

current income is

projected 2012 income, all 365 days, NOT and NEVER 'year to date'.

groundhog -

re: these joint accounts...

you say there's 60K in joint accounts

but

if your name is NOT on the account, it's not your monies.

joint and YOU - 1/3 rule

HER accounts - 1/5 rule

so 'ware, aye?

Projected 2012 income would be "current year income". There is no question about current year income. For current income, you state your current salary or calculate your hourly earnings for the next twelve months, not just until the end of the year. For example. You could be unemployed until April 30 and take a job for 2,000 a month. Your current year income would be 16,000 but your current income would be 24,000. It's a distinction with a potential of a huge difference. Or you could have made 50,000 through April 30 but lost your job that same day and never work again this year. In that case your current year income is 50,000 but your "current income" is ZERO. Don't concentrate on a calendar year for current income.

You would use year to date income as a factor in calculating current income. For example, if you earned 10,000 through April 30 and are still at the same job, you would multiply by 3 (divide by 4 and multiply by 12 if you want the same answer the long way) and state a 30,000 current income.

Edited May 6, 2012 by pushbrk