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Does someone with a 1099 that falls UNDER the 12,200 limit that requires one to file, still have to file taxes?

 
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3 Replies
Irene2805
Expert Alumni

Does someone with a 1099 that falls UNDER the 12,200 limit that requires one to file, still have to file taxes?

You don't have  to file a return if your total gross income falls under the $12,200 limit (if you are single and under age 65).

 

To see if you're required to file a tax return because of your income, please see this TurboTax Help article:  Do I need to file a federal return this year?

dmertz
Level 15

Does someone with a 1099 that falls UNDER the 12,200 limit that requires one to file, still have to file taxes?

If this is a Form 1099-MISC reporting income from self-employment and your net profit from self employment is more than $433, you are required to file a tax return and pay self-employment tax even though your AGI might be under $12,200.

Does someone with a 1099 that falls UNDER the 12,200 limit that requires one to file, still have to file taxes?

Exceptions (aren't there always?)

 

1)  If it was a 1099-R, and you were under age 59.5, then it's likely a code 1 in box 7 (tell us if it wasn't) ...then you have to file because it may be subject to a penalty for withdrawing early...the 12,200 does not remove the penalty...but there are other penalty exceptions that "might" apply.

 

2)  You did not define what kind of 1099...a 1099-MISC for self-employed/contract work would likely require a tax return if it was over ~$400...because you still are responsible for paying SS and Medicare taxes on the profit from that income.

 

Details..details

 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
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