2007-01-28 16:09:36 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
yes you have to file i get 1099 and if its over $400 and you have to file. if thats all you made you will have to pay in a little unless you have more than 600 in reciept for business expenses or if you have a kid. i have one kid and made 15000 on 1099 so i never paid in a dime but u still get a $100 return from the earned income credit
2007-01-28 16:33:43 · answer #1 · answered by skytzo ! 3 · 0⤊ 0⤋
If you received payments for services provided on a 1099MISC, you need to figure your net income after expenses. If your net income is $400 or more, you are required to file a tax return.
You will use Schedule C of Form 1040 to figure your net income.
Net income from self-employment of $400 or more is also subject to Social Security and Medicare tax, which is figured on Schedule SE.
If you have much more than $400 on your 1099, it would be prudent to file even if you will owe no tax, to document your income and expenses.
2007-01-29 07:01:51 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋
since im guessing your an independent contractor you would have to file a tax return and pay self employment income. Remember that you will be able to deduct half of the self employment tax. Also depending on what you did you may be able to file a schedule c where you can offset any earnings with any expenses you incurred on the job.
2007-01-29 00:19:23 · answer #3 · answered by Ski_Bum 3 · 0⤊ 0⤋
Yes, you have to file if you made over $700.
2007-01-29 00:18:46 · answer #4 · answered by Anonymous · 0⤊ 0⤋