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The Danes have two sons who live with them: Ethan and Isaac. Both are full-time students. Ethan is an accomplished singer and earned $4,200 during
The Danes have two sons who live with them: Ethan and Isaac. Both are full-time students. Ethan is an accomplished singer and earned $4,200 during the year performing at special events (e.g., weddings, anniversaries, civic functions). Ethan deposits his earnings in a savings account intended to help cover future college expenses. Isaac does not have a job.
How would this be presented on a tax return? What expenses would be included/excluded and what income would be recognized? United States Tax Laws
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