I am retired on Social Security and last year I made $1465.00 on a 1099 MISC. DO I have to file/report this small income?
AtlantaTaxExpert
Feb 14, 2011, 04:46 PM
Yes. The income must be reported on Schedule C and, if the net income is more than $400, transferred to Schedule SE to calculate the self-employment tax.
It is likely you will owe ZERO income tax on your return, but the SE tax will be about $160.
If you need professional help filing your return, email me at [email protected].