I have a 1099-MISC for $660 in box 7. My question is do I have to file schedule C and can I claim Earned Income Credit for $50
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I have a 1099-MISC for $660 in box 7. My question is do I have to file schedule C and can I claim Earned Income Credit for $50
1099-misc box 7 (non-employee compensation) income: You must file your tax return if yourself employed income is $400 or more. You will report your income and business related expenses on schedule C or C-EZ (Form 1040). Then you put net income (or loss) on line 12 of Form 1040. This income is subject to SE tax at 15.3% (this is shown on line 57 of Form 1040). Your U.S. Tax Return: Tax Filing by Self Employed Sole Proprietor or Independent Contractor
Yes, you will get Making Work Pay credit equal to 6.2% of your earned income. Complete schedule M.
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