This Schedule M thing was new lest year and I missed it. Then the IRS sent us a check for $800 🙂 and told us we were supposed to have filled out a sch. M.
Now I'm filling out THIS years' taxes and SCH M, Line 1A says:
Do you (and your spouse if filing jointly) have 2010 wages of more than $6,451 ($12,903 if married filing jointly)?
My question is:
What are wages?
My wife gets a W-2 so that is definitely Wages, but I am self-employed and fill out a Sch C and a Sch F (farm - maple syrup). Is my income from self-employment considered WAGES?
ANswered my own question
(from IRS website:)
Most eligible taxpayers qualify for the maximum making work pay credit of $800 for a married couple filing a joint return or $400 for other taxpayers. The credit equals 6.2 percent of earned income up to the maximum amount. Thus, any eligible couple whose earned income is $12,903 or more qualifies for the $800 maximum credit. Other taxpayers qualify for the $400 maximum if their earned income is $6,451 or more.
For most workers, the credit is based on the taxable wages reported to them on Forms W-2. Self-employed individuals figure the credit using the net profit or loss they receive from a business or farm.
