Get your taxes done using TurboTax
If your son paid you $7,300 to do household chores, then it is taxable income, although it would not be Self-Employment income, it would be income as a household employee.
You can enter this as other income so it is not treated as SE income. To do this, simply select the following:
- Income
- Less common Income
- Miscellaneous Income
- Start next to Income not already reported on a form W-2 or 1099
- Yes to Other Wages Received
- Enter Your wages earned as a household employee
This amount of income, does not qualify you for the Premium Tax Credit as it is still well below the Federal Poverty Line. In essence, it would be the same as filing with no income. But, you would not have to repay the credit because you are below the poverty line.
