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If my income was only $1 in 2020 as a self-employee (sole proprietor), should I file taxes?
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If my income was only $1 in 2020 as a self-employee (sole proprietor), should I file taxes?
If that is the entirety of your income, then no. There is a filing requirement for general purposes (see below) and one for SE income as well: self-employment income over $400.
2020 tax filing requirements for most people
- Single filing status: $12,400 if under age 65.
- Married filing jointly: $24,800 if both spouses under age 65
- Married filing separately — $5 for all ages.
- Head of household: $18,650 if under age 65
- Qualifying widow: $24,800 if under age 65.
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If my income was only $1 in 2020 as a self-employee (sole proprietor), should I file taxes?
If that is the entirety of your income, then no. There is a filing requirement for general purposes (see below) and one for SE income as well: self-employment income over $400.
2020 tax filing requirements for most people
- Single filing status: $12,400 if under age 65.
- Married filing jointly: $24,800 if both spouses under age 65
- Married filing separately — $5 for all ages.
- Head of household: $18,650 if under age 65
- Qualifying widow: $24,800 if under age 65.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"