Does a full time college student with $6,000 1099 misc income have to file?

 
HelenaC
New Member

Education

Yes, you do. If you received Form 1099-MISC - IRS with Box 7 Nonemployee Compensation,  the IRS considers you self-employed (have a business). The filing requirements are $400 for "self-employed" individuals.

As a self employed person, you have to pay both the employer and employee portion of your Social Security and Medicare taxes, known as “self employment taxes.” If you make $400 or more in self employment income, you will pay between 15.3%-16.2% in self employment tax on up to 92.35% of your income.

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