Just keep good records of your income and report that amount. Yes, you might be assessed a penalty if your tax liability is greater than $1000.
by Individuals Penalty if:
- Your filed tax return shows you owe less than $1,000 or
- You paid at least 90% of the tax shown on the return for the taxable year or 100% of the tax shown on the return for the prior year, whichever amount is less.
