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What is considered taxable income?
My son and daughter in law lived with us the entire 2016 year, They filed married filing jointly. Only my daughter in law had income. She was refunded everything she paid in. Is her income considered taxable even though she got everything back?
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June 6, 2019
12:09 PM
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Why does she need to know if it is taxable?
June 6, 2019
12:09 PM
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Please see the below blog link for what is considered taxable income and better understanding. There are many factors that could cause their return to refund all of the money she paid in for taxes; it is possible.
https://turbotax.intuit.com/tax-tips/general/what-is-taxable-income/L8lh6lfkJ
June 6, 2019
12:09 PM
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The income tax is a graduated tax.
The first increment of income is not taxed. See the standard deduction described in IRS Pub 17 available at www.irs.gov
June 6, 2019
12:09 PM