as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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how do i report this cash bonus/tip on income tax return?
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how do i report this on our income tax return? you should include it on line 7 of your form 1040.   additionally, you should report the extra payment to your employer if it was greater that $20. you can use from 4070 to do this if your employer does not provide you with a form. and finally, you are right, you should form 4137 to report any tips that you include on your form 1040 in order to pay the required social security and medicare taxes.   credit is due to glibdud and nathan l for constructive feedback! thanks!
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