Do I need to file taxes for this form?
2007-02-03 13:24:54 · 4 answers · asked by saleen10power 1 in Business & Finance ➔ Taxes ➔ United States
Im sorry what i also forgot to mention was that I wasnt going to and not going to file taxes at all this year considering that I am a full time student and go to school. THe amount on the 1099-MISC form is 1860.00, so if Im assuming I dont need to file because im not filing any taxes and this shouldnt pertain to me...i think?
2007-02-03 14:13:39 · update #1
If your amount of income on the 1099-MISC is small, say under $5000, you will not have to file a return. However, if you don't file, you may be throwing away money. A single person with only $1000 gross income has an Earned Income Credit refund of $75, $332 if he or she has one child.
2007-02-03 13:38:51 · answer #1 · answered by illinipower 2 · 1⤊ 2⤋
If you didn't work all year, what is the 1099 for? If it's for some side job that you did or any kind of self-employment, then you need to file since the amount is over $400. You won't owe income taxes on an amount this small, but will owe self-employment taxes of 15.3%.
You can't get the earned income credit unless you're at least 25 or have a dependent child.
2007-02-03 16:58:33 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
If the 1099-MISC has an amount in the "nonemployee compensation" box - you certainly do need to file a tax return - if the amount is $400 or more.
If it is another sort of income, it will depend what kind, and how much. Consult a tax preparer.
2007-02-03 13:30:48 · answer #3 · answered by Anonymous · 2⤊ 0⤋
Any respectable tax preparer would tell you just to file it yourself.
2007-02-03 13:34:10 · answer #4 · answered by Anonymous · 0⤊ 0⤋