2008 tax rebates require at least $3000 of earned income. Does income on a 1099misc from freelancing

I have $2500 on a w2 but I do freelancing on the side. I also sell books online (but do not report this income) I really need the tax credit so want to make sure I report my income correctly to qualify for it. Please don%26#039;t just cut and paste the general websites, they did not help. I want to know specifically about the 1099misc.

Thanks

2008 tax rebates require at least $3000 of earned income. Does income on a 1099misc from freelancing count?

As the others stated, freelance income does qualify as earned income.

You should report your online book sales from half.com on Schedule C - Profit or Loss from Business, which is attached to your income tax return.

Your net income (sales minus any costs you incurred - inventory, shipping costs, etc.), is your earned income for purposes of the rebate check, so if you have $2,500 in wages, then you need an additional $500 in net earnings from your book sales to qualify for the rebate check.

Hope this helps!

2008 tax rebates require at least $3000 of earned income. Does income on a 1099misc from freelancing count?

Yes income shown on a 1099 misc counts. If you start claiming money this year that you don%26#039;/t normally claim you could run into trouble. Certain deductions taken for business has to be recaptured in some circumstances

2008 tax rebates require at least $3000 of earned income. Does income on a 1099misc from freelancing count?

Your net income from freelancing does count as earned income - that%26#039;s the total income less the expenses.

You should be reporting your booksale income and expenses also.

2008 tax rebates require at least $3000 of earned income. Does income on a 1099misc from freelancing count?

Keep in mind that the net income will be added to your ordinary income (W-2%26#039;s, etc) and you have to pay federal income tax plus self employement tax (15%) on that net hypothetical income. So you will be filing a Sch C and SE