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I am 15 and a full time student. I received a 1099 misc. Do I need to file taxes?
June 3, 2019
11:07 AM
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There is no age exemption. You must report and pay tax if you have self-employment income more than $400, or other income more than $12,000. What did you do to get this money, and which box of the 1099-MISC is it reported in?
June 3, 2019
11:07 AM
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If the amount reported in box 7 of your form 1099-MISC is more than $400, you have to file a tax return. Amounts reported in box 7 are self-employment income and are subject to self-employment tax, regardless of your age.
If you are a dependent of your parents, you need to indicate on your tax return that you can be claimed as a dependent by someone else.
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June 3, 2019
11:07 AM
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Except that sometimes the payer uses box 7 in error, and there is an exception for 4-H/FFA income that sometimes comes up. You need to tell us what you actually did to get the money.
June 3, 2019
11:07 AM
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You likely also want to use the Tax Freedom edition co-sponsored by the IRS, not the regular "free" version, because if you need more complicated forms, the Freedom edition will include them for free and not upsell you to a pricier version.
<a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/taxfreedom/">https://turbotax.intuit.com/taxfreedom/</a>
But we still need to know the source of the money.
<a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/taxfreedom/">https://turbotax.intuit.com/taxfreedom/</a>
But we still need to know the source of the money.
June 3, 2019
11:07 AM