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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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Employee Tax Expert

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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Employee Tax Expert

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"

View solution in original post

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