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nick3
New Member

I earned $13,500 from an out of state client in 2017 but only deposited $4300 in my bank account in 2017. Do I have to pay taxes on the total $13,500 or only the $4300?

 
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I earned $13,500 from an out of state client in 2017 but only deposited $4300 in my bank account in 2017. Do I have to pay taxes on the total $13,500 or only the $4300?

Of course you do.   Just because you didn't put it in the bank, doesn't mean you didn't earn the money.

♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪

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2 Replies

I earned $13,500 from an out of state client in 2017 but only deposited $4300 in my bank account in 2017. Do I have to pay taxes on the total $13,500 or only the $4300?

Of course you do.   Just because you didn't put it in the bank, doesn't mean you didn't earn the money.

♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪
MinhT
Expert Alumni

I earned $13,500 from an out of state client in 2017 but only deposited $4300 in my bank account in 2017. Do I have to pay taxes on the total $13,500 or only the $4300?

You have to report all income on your tax return. In your case, you'll have to report all the $13,500, even if you only deposited a portion of it in your bank.

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