Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
hperlstein90
New Member

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?

 
2 Replies
jerry2000
Alumni

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.
Hal_Al
Level 15

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.
Dynamic AdsDynamic Ads
Privacy Settings
v