Reporting side income? (how much, tax return, design)
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I make a small amount of money each month from side work. It's not much but it's around 500 dollars a month which would make me eligible for some lotteries on top of my current salary. Does anyone have experience reporting this? I've searched the forum and I haven't seen this answered, only people who do freelance as their main job.
Location: Read the Marketing Handbook, and Income a Guide.
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Quote:
Originally Posted by ember15
I make a small amount of money each month from side work. It's not much but it's around 500 dollars a month which would make me eligible for some lotteries on top of my current salary. Does anyone have experience reporting this? I've searched the forum and I haven't seen this answered, only people who do freelance as their main job.
Keep searching. There are some detailed posts from this year about income and self employment. Including at least one I recall from a successful applicant.
Basically, income is income and needs to be reported.
I appreciate this and I have read it several times. It seems like it applies more to people that freelance as their main income. I haven't seen anything on here about reporting small portions of side income and I'm looking for people's personal experiences with that!
Location: Read the Marketing Handbook, and Income a Guide.
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Maybe thread below will help. If you have more than one job, you can just list that as I recall. Don’t try and do the other person’s job. Do the best you can with it. Whatever you record with be reviewed, but it can take awhile so your circumstances might change by then. The decision they make can be appealed.
I appreciate this and I have read it several times. It seems like it applies more to people that freelance as their main income. I haven't seen anything on here about reporting small portions of side income and I'm looking for people's personal experiences with that!
It's not really different if it's a main source of income or just supplemental, you have to report all of your income from all sources and whatever your total income is determines your AMI and thus what buildings you may qualify for.
I recommend updating your HC profile and adding your side income, it allows you to add multiple sources of income, and then applying to buildings that fit your total annual income.
It's not really different if it's a main source of income or just supplemental, you have to report all of your income from all sources and whatever your total income is determines your AMI and thus what buildings you may qualify for.
I recommend updating your HC profile and adding your side income, it allows you to add multiple sources of income, and then applying to buildings that fit your total annual income.
The issue is that the side work I do is contract work (think transcription work) and its through a variety of sources and I don't get any form of W2. I can self report it because I keep track of how much I make but it would be an estimate based on an average I've made each month.
The issue is that the side work I do is contract work (think transcription work) and its through a variety of sources and I don't get any form of W2. I can self report it because I keep track of how much I make but it would be an estimate based on an average I've made each month.
Yes, exactly. You have to estimate your self-employed and/or contract work. If you make more than $600 in a year form any one client, they have to send you a 1099 (like a w2 but for non-employees like yourself) and this is what the HC people will request along with your bank statements, and tax returns. So you make an educated estimate, and then be prepared to provide the documentation I mentioned to prove why your estimate should be considered accurate.
I make a small amount of money each month from side work. It's not much but it's around 500 dollars a month which would make me eligible for some lotteries on top of my current salary. Does anyone have experience reporting this? I've searched the forum and I haven't seen this answered, only people who do freelance as their main job.
Hey! Did you read the handbook? I’ve had some Venmo payments over the course of 6 months so some small design work via Venmo that I was nervous about. But the handbook states if there’s payments that aren’t reoccurring every month, it isn’t considered in the total income. If they are gifts, random payments etc, it’s fine. If yours is typically that every month, I think it would need to be reported.
Hey! Did you read the handbook? I’ve had some Venmo payments over the course of 6 months so some small design work via Venmo that I was nervous about. But the handbook states if there’s payments that aren’t reoccurring every month, it isn’t considered in the total income. If they are gifts, random payments etc, it’s fine. If yours is typically that every month, I think it would need to be reported.
Yeah in this case I want to use the income so I qualify for certain buildings... and it is every month so I guess I should just document it as best I can to justify when I have to submit!
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