Any tax furu's out there? HELP!!!!!

**alotofgooddeals** · 01-15-2012, 01:28 PM

Okay i know i am obsessing a little bit and it is what it is but i need to know if a 1099-s form is considered earned income or if it is considered non earned income...

We receive quite a hefty return because of the tax credits that we are eligibile for.....extra child tax credit and the eitc...totaling 7111 without the 1099-s income put in....most of it coming from the eitc credit and that is where my concern lies...if we have to count the total from the 1099-s as earned income that basically goes away and i am totally sinking fast...if it is not earned income and can be non earned income...i can save myself...i am waiting for the form to become available on the 17th so i can file but in the meantime I am stressing just a bit...not as much as i thought i would because i have come to terms that it is what it is...I have dug my hole and may have to lie in it until i can pull myself out...haha...i think it helps cause dh has come to terms with the possibility of it all and is handling it quite well which relieves alot of my stress....My dad taught me that there are things in life you can control and there are things you can't so not to waste energy on the things that you can't....i'm not saying i could not have controlled it years before but now if i dont get the eitc credit i will sink...so just wondering if anyone out there can help me alleviate my fears or help me just come to terms of the whole sinking...

i know that i have to pay regular income tax on it and that is okay...I will still stay above water this way...

Thanks for your help.....

**tervsforme** · 01-15-2012, 01:34 PM

Here are the instructions for the form that explains what is taxable and what is not...
Instructions for Form 1099-S (2012)

You didn't say how the income came to be. Was it from a sale of your principal residence? a foreclosure? More info is needed to help you answer your question.

**alotofgooddeals** · 01-15-2012, 01:38 PM

however my dad had put all three of us kids on the title in 2002 i believe so it wasnt our primary residence etc...thanks going to go and check that out...I dont know how you found it...I have been looking all week for info and just got to a point that i figured someone on here would know...thanks for your help.....i so apreciate it...

Originally Posted by tervsforme

Here are the instructions for the form that explains what is taxable and what is not...
Instructions for Form 1099-S (2012)

You didn't say how the income came to be. Was it from a sale of your principal residence? a foreclosure? More info is needed to help you answer your question.

**tervsforme** · 01-15-2012, 01:46 PM

Well, I am an accoutant and I develop tax software! Research is what I do!

If it is from the sale of your dad's home, it will most likely be taxable to you. Is the 1099-S for just your 1/3?

**alotofgooddeals** · 01-15-2012, 01:56 PM

plus my portion of what i paid the real estate person...so the total to be reported is 23,333 however i only received 21,711. So the total is income that is taxable....however will it affect my eitc, i dont know if the government will count it as earned income or unearned income...thank you so much for your help...i so appreciate this more than you will ever know...