Wednesday, September 23, 2015

How to report income from apps that give you gift cards on US taxes?


Which line on the 1040 form… And is it taxed just like work income?

my main income is SSDI so I have more deductions (mortgage interest, health care, property tax, and a lot of charity this year, etc) than taxable income.

if I have $1000 in work/gift card income… But have $10,000 in deductions will I pay any tax on the gift cards (ie social security)?

with the self employment work income i usually only pay the social security part of the tax, not the actual 'income tax' that goes toward various other government expenses.

(I know there is more involved then just income tax/SS tax… But I am simplifying the details)
Added (1). so essentially it is listed as self employment, not as a prize? Or is there no difference on the way self employment and a prize is taxed

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