Income Types
This type of income may be spousal support, however, this is not the same as spousal impoverishment.
What is a Alimony?
All taxpayers must use one of three basic tax forms. Name two of these three tax forms.
What is Form 1040, Form 1040A or 1040EZ?
This type of income is verified by an award letter, CARES, My Social Security (http://www.ssa.gov/myaccount).
What is "Social Security"?
This schedule is used to report income and losses from rental property, and income from trusts, estates, partnerships and S-corporations.
What is a "Schedule E"?
SGI is reported on Schedule 1, lines...
What is lines "12, 17 and 18"?
This type of income count money received as a gift or donation in the last three months. Do not include gifts received for birthdays, holidays, or other special occasions.
What is Gifts and Donations?
All taxpayers must file their Income Tax by this date.
What is "April 15?"
This type of income is verified by KIDS, state issued debit card statement, bank statement, check stubs, or printout
What is "Child Support"?
This is the amount of combined interest and dividend from lines 2a, 2b, and 3b that is counted as income?
What is "$120 or more"?
One of the tips reviewed tells us to check the names on the Schedules to see if there is a _________.
What is a "Joint Owner"?
This type of income is benefits for each eligible child in the household.
What is SSI Caretaker Supplement?
Yes or No--Does line 1 of the 1040 include Wages, Salaries and Tips
What is "Yes?"
This type of income is verified by non-wages, non-employment, non-salary/tip income showing up to 12 months of income for monies earned.
What is "Self-Generated Income (Self-Employment)"?
This schedule is includes total of Alimony, Business Income, Rental Income, Unemployment, etc.
What is "Schedule 1"?
One of the tips reviewed tell us the most important line numbers on Schedule 1 are?
What are lines "12, 14, 17 and 18"?
This type of income associates with the parent who receives monies. It does not have to be entered under each child's name.
What is Child Support Received?
This schedule is a part of the individual income tax return IRS Form 1040. It shows the income of a business for the tax year
What is a Schedule C?
This type of income is verified by tax form 1040 and all supporting schedules or Self-Generated Income Form (S-GIRF) showing up to 12 months of income received from a tenant.
What is "Rental Income"?
This line number for the total amount of all business income/loss reported on Schedule C
What is "Line 12"?
One of the tips reviewed tell us check the address of the business to see if it is ___________.
What is "operated out of the home"?
This type of income is used only for income types that are not identified by WHEAP. It is recommended to first check the Ignored Income Table in Chapter 2 of policy to make sure it isn't ignored income.
What is the use of "Other"?
Yes or No -- A separate Schedule C is not required for each business owned, showing the income and deductions from income all of the businesses.
What is "No"?
This type of income is verified by a benefit check stubs, or employer/insurance company statement.
What is "Long or Short Term Disability"?
Yes or No-- Does Line 6 identifies if there is possible Self-Generated Income?
What is "Yes"?
One of the tips reviewed tell us only theses forms that indicate if the business started in the tax year are:
What is the "Schedule C and Line H, the 1065 K-1 Parnterships and 1120s".