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I am filing for FAFSA online for my school and they are asking for my 2015 taxes. In 2015 I only made $2,500 from an MLM and I received a 1099. Do I need to file taxes?
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I am filing for FAFSA online for my school and they are asking for my 2015 taxes. In 2015 I only made $2,500 from an MLM and I received a 1099. Do I need to file taxes?
Yes, you do. When you have income reported in Box 7 of a 1099-MISC, you have to file a return and pay Self-Employment tax, even if you do not owe any ordinary income tax.
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I am filing for FAFSA online for my school and they are asking for my 2015 taxes. In 2015 I only made $2,500 from an MLM and I received a 1099. Do I need to file taxes?
"Self employment tax" (SET) is how you pay social security & Medicare tax on this earned income, since none was withheld. SET is due even if you do not have enough income to have to pay any income tax. The threshold for having to file a tax return, when you have a 1099-Misc (box 7) is a mere $400.