Quote:
Originally posted by tritium
Yes it does, yournamehere. Do you know if Intuit software covers 1099's? I like to do my filing electronically.
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Yes, it will. We use the professional version of Turbo Tax at our office.
Quote:
Originally posted by Nazggul
You shouldn't have to pay anything with that income level, am I wrong? Aren't you exempt under $15K?
I think you'll just end up getting your $18 back.
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No taxpayer is exempt from paying taxes. If your income is under a certain level ($4,750 of "earned" income if you are single and you are claimed by someone else - parent), then you may not need to file since you will owe no taxes. The exception to that rule is if your earnings from work come on a form 1099.
When you receive a 1099 for working, you must file Schedule C (or C-EZ). On that form, you list the amount earned, and then you can reduce that with your expenses related to that activity. If you have a net profit, and that profit exceeds $432 (don't ask), you will be liable for self-employment taxes. Self-employment taxes are a separate tax from the income tax. (Again, the tax software will calculate this for you.)
Got that. That's the "official" answer.
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"Unofficially"....If you got a 1099 for $1500, take deductions for travel to the job - at $.36 per mile plus parking and tolls. If it is a tech type job, write off a portion of your online costs. Other things to consider: a portion of cell phone, if you bought computer equipment or supplies (ink jet, etc.), or anything that could possibly be "reasonable" to expect for whatever you did.
Remember, as long as your net income from the 1099 is $432 or less (along with your W-2 for about $1,500), you should avoid paying taxes, and most likely will get the $18 back. Work the numbers until you get to where you need.
*Disclaimer* I have not prepared this return, nor take any responsibility for it. (There, now I can't be sued.)