If my income was only $1 in 2020 as a self-employee (sole proprietor), should I file taxes?

[ColeenD3 · Accepted solution]

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.