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Level 1

Question

What is net income

Forum|Forum|6 years ago
April 30, 2020
1 reply
0 views

Is net income the total left after all deductions and credits on your tax return?

Other

Level 15

What do you need it for? There can be different amounts depending on what you need.

It could be your taxable income on 1040 line 11b. Or you might need something else. Like the Net Profit on Schedule C for self employment income.

Level 15

On form 1040, the total left after all deductions and credits is "taxable income" (line 11b).

The term "net income" is not applicable on your personal tax return (form 1040).

"Total income" is on line 7b and "Adjusted Gross Income" on line 8b.

Even on Schedule C (self employment income), the tern used is net profit, rather than net income.