topic What is considered household income for form 8557 if I am living with a friend in Get your taxes done using TurboTax

What is considered household income for form 8557 if I am living with a friend

pollyvdz63 — Wed, 25 Mar 2020 06:38:22 GMT

Does my friends income need to be entered?

Re: What is considered household income for form 8557 if I am living with a friend

KatrinaB48 — Wed, 25 Mar 2020 13:25:58 GMT

Yes, you are required to include all this form of support on form 8557. According to the directions in Part IV, if family or friends are helping to support you, include that amount of support as a gift.

Re: What is considered household income for form 8557 if I am living with a friend

pollyvdz63 — Wed, 25 Mar 2020 14:20:14 GMT

So my entire income is considered a gift? Do I list all of my expenses also?

Re: What is considered household income for form 8557 if I am living with a friend

LeonardS — Wed, 25 Mar 2020 14:38:44 GMT

Gifts are excluded from reportable income on Form 8557. This Healthcare.gov link What to include as income has information on what to include as income on your Form 8557. However, your income may not be accepted as a gift if it is determined that the sole purpose of calling your income a gift was to avoid reporting household income.