What is the 2018 amount on a combined tax statemen...
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Level 1

What is the 2018 amount on a combined tax statement for forms 1098, 1099, 5498 need to be in order to be required to file taxes? If filing is needed - what schedule?

My daughter's college is advising that she has to file a return for the year 2018.  We thought our research determined she did not need to file.  Her amount was $810.00 and she received a combined tax statement for non-employee reimbursement.  However I can not find the correct schedule to file it on.
12 Replies
Level 15

What is the 2018 amount on a combined tax statement for forms 1098, 1099, 5498 need to be in order to be required to file taxes? If filing is needed - what schedule?

What was the source of the income?  Interest, dividends, capital gains, withdrawal from an IRA or other retirement account?

Or did she have self-employment income reported on a Form 1099-MISC?

Level 15

What is the 2018 amount on a combined tax statement for forms 1098, 1099, 5498 need to be in order to be required to file taxes? If filing is needed - what schedule?

If her income from self-employment, reported in box 7 of 2018 Form 1099-MISC, is $433 or more, she was required to pay self-employment taxes.  Her tax return would include at least Forms 1040 and 8965, plus Schedules 1, 4, C and SE for this.  The other income would potentially be reportable elsewhere on the tax return.

Level 15

What is the 2018 amount on a combined tax statement for forms 1098, 1099, 5498 need to be in order to be required to file taxes? If filing is needed - what schedule?

Assuming that she is a dependent and the income received was Not from self-employment but was from unearned income, she would Not be required to file a 2018 tax return since her unearned income was $810.

 

IRS Publication 501, Dependents, Standard Deduction, and Filing Information page 4 - https://www.irs.gov/pub/irs-prior/p501--2018.pdf#page=4

 

Single dependents—Were you either age 65 or older or blind?
No. You must file a return if any of the following apply.
1. Your unearned income was more than $1,050.
2. Your earned income was more than $12,000.
3. Your gross income was more than the larger of—
a. $1,050, or
b. Your earned income (up to $11,650) plus $350.

Level 15

What is the 2018 amount on a combined tax statement for forms 1098, 1099, 5498 need to be in order to be required to file taxes? If filing is needed - what schedule?

Edited prior answer for tax year 2018...

Level 1

What is the 2018 amount on a combined tax statement for forms 1098, 1099, 5498 need to be in order to be required to file taxes? If filing is needed - what schedule?

It is listed on the 1099 combined form as non-employee compensation.  

Level 1

What is the 2018 amount on a combined tax statement for forms 1098, 1099, 5498 need to be in order to be required to file taxes? If filing is needed - what schedule?

Not self-employment.  Part time position that was listed as non-employee compensation on the 1099 combined form. 

 

Level 1

What is the 2018 amount on a combined tax statement for forms 1098, 1099, 5498 need to be in order to be required to file taxes? If filing is needed - what schedule?

She was a dependent for that tax year and the 1099 combined form listed it as non-employee compensation. 

 

Level 15

What is the 2018 amount on a combined tax statement for forms 1098, 1099, 5498 need to be in order to be required to file taxes? If filing is needed - what schedule?


@popinka wrote:

She was a dependent for that tax year and the 1099 combined form listed it as non-employee compensation. 


 There are almost two dozen different types of Form 1099.  Which one did she receive, 1099-MISC, 1099-B, 1099-R, 1099-DIV, 1099-INT, etc.

Level 15

What is the 2018 amount on a combined tax statement for forms 1098, 1099, 5498 need to be in order to be required to file taxes? If filing is needed - what schedule?

A part time position does sound like Self Employment income.  If she got a 1099Misc with the amount in box 7 that IS self employment.  If she was an employee she would have gotten a W2 with taxes taken out.  

 

Sorry she had to file schedule C for self employment income and pay the self employment tax.  The SE tax is to pay the mandatory Social Security & Medicare taxes the employer did not take out.  What kind of work was it?  There might be an exception for babysitting income.  

 

 

Level 1

What is the 2018 amount on a combined tax statement for forms 1098, 1099, 5498 need to be in order to be required to file taxes? If filing is needed - what schedule?

It was as an assistant coach for a volleyball club. 

So - 1040 w/ Schedule C on Self-Employment.  Is that correct? 

 

Level 1

What is the 2018 amount on a combined tax statement for forms 1098, 1099, 5498 need to be in order to be required to file taxes? If filing is needed - what schedule?

Sorry - I should have said.  1099-Misc

Level 15

What is the 2018 amount on a combined tax statement for forms 1098, 1099, 5498 need to be in order to be required to file taxes? If filing is needed - what schedule?

Yes need schedule C for that.  You need to pay self employment tax on it.  You pay 15.3% SE tax on 92.35% of your Net Profit (If it is greater than $400).  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.  

 

 

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