topic Is taxable income the same as Net income? in Retirement tax questions

Is taxable income the same as Net income?

Chccwilson — Sun, 14 Nov 2021 21:28:14 GMT

Re: Is taxable income the same as Net income?

Critter-3 — Sun, 14 Nov 2021 21:39:38 GMT

Depends on what you mean by net income ... but if you mean the net on a Sch C then no.

Re: Is taxable income the same as Net income?

VolvoGirl — Sun, 14 Nov 2021 21:39:19 GMT

Maybe, maybe not. What do you need it for? Taxable income is your gross taxable income minus the Standard Deduction or your Itemized Deductions. It's on 1040 line 15.

Re: Is taxable income the same as Net income?

rjs — Sun, 14 Nov 2021 22:32:06 GMT

There is no standard definition of "net income" for taxes. There is no amount called "net income" on a tax return. Why are you asking about net income? What are you trying to do?

VolvoGirl told you where to find taxable income on your tax return.

Re: Is taxable income the same as Net income?

ruthivette — Thu, 12 Jan 2023 16:14:43 GMT

I'm retired and know my gross income. However, for loans or credit cards I'm asked to indicate my net income. My tax forms show my taxable income after deductions. As I no longer receive a paycheck where I clearly see gross vs net income, I want to figure out what my correct net income may be, in order to apply for credit card.

Re: Is taxable income the same as Net income?

Critter-3 — Thu, 12 Jan 2023 16:19:26 GMT

For the CC application purposes ... net income for you would be the gross less any taxes withheld from your income. This is NOT shown anywhere on a tax return. Look at your income sources for the gross and any fed/state taxes that are withheld. And you don't need to be "on the penny" for one of those applications ... a good guess is just fine. I have never had any CC company ask for proof of income ever.