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Yes, as it increases the income on the return and can impact a number of items including credits such as Earned Income Credit, Child Tax credit, daycare credit, limit on Sch A itemized deductions as some are reduced by a percentage of the income reported such as medical deduction is reduced by 7.5% of the Adjusted Gross Income.
Yes, as it increases the income on the return and can impact a number of items including credits such as Earned Income Credit, Child Tax credit, daycare credit, limit on Sch A itemized deductions as some are reduced by a percentage of the income reported such as medical deduction is reduced by 7.5% of the Adjusted Gross Income.
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