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?
You'll need to sign in or create an account to connect with an expert.
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
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
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
CRAM5
New Member
edmarqu
New Member
rkp29
New Member
willgal
New Member
fcp3
Level 3