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Home > Money & Services > Taxes   »   DO I have to File

 
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Old Apr 5, 2008, 06:38 PM
harlybuddy
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DO I have to File

My only earned income is being reported on a 1099 Misc under item 7 Non Employee Compensation. I am not self employed I made under the required amount of $8750.00 that states you need to make at least that to file. This was my first job after graduating from HS. No one else can claim me DO I HAVE TO FILE.

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Old Apr 5, 2008, 07:12 PM   #2  
MukatA
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You MUST file your tax return. Even if you don't consider yourself "self employed" the IRS considers you self employed and you MUST file Schedule C (Form 1040).

The income you received as 1099-Misc is your self earned income, which is not earned as a regular employee. Your net income from schedule C is also subject to SE tax at 15.3%.

How you will treat the 1099-Misc income, read: Your U.S. Tax Return: W2 or 1099: Employee or Independent Contractor.

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Gernald agrees: filing is good...it means no prison :-)
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