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I earned about $2,400 in GST income during 2016. I did not make any estimated tax payments or take any distributions from this account during 2016. Will I be penalized?

 
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AmandaR1
New Member

I earned about $2,400 in GST income during 2016. I did not make any estimated tax payments or take any distributions from this account during 2016. Will I be penalized?

You can owe up to $1000 in tax and will not be penalized, so it doesn't sound like you could be penalized if you only earned $2400. There's another exception too but it's a bit more complicated.

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1 Reply
AmandaR1
New Member

I earned about $2,400 in GST income during 2016. I did not make any estimated tax payments or take any distributions from this account during 2016. Will I be penalized?

You can owe up to $1000 in tax and will not be penalized, so it doesn't sound like you could be penalized if you only earned $2400. There's another exception too but it's a bit more complicated.

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