Hi All,
I am on F1 and am working on 1099 as independent contractor.Can someone tell me about 1099 Active status.

You can work your OPT as an independent contractor.

To file your taxes, you must file Form 1040NR with Schedule C attached to document the Form 1099 income. You may be able to reduce the income by claiming some of the expenses listed on the Schedule C.

Do I need to file the taxes yearly or quarterly.Thanx for your time

Depends on how much you make?

That amount would be??

My salary is around 5000$ a month.So could u please let me know if I have to pay the tax quarterly or yearly.

If you make $5,000 on a independent contract job that will result in a Form 109-MISC that totals about $60,000 for the year, then you need to make quarterly estimated tax payments using Form 1040-ES.

If you don't, you will end up paying about $16,420 in income and self-employment taxes. Unless you make quarterly payments (which will force you to budget your money), you may find it real hard to come up with that kind of money.