I'm working under a 1099 and my expenses are more than my total income. What would my expected return be?

I-Am-Me — Sat, 01 Jun 2019 14:08:23 GMT

In 6 months I estimate I made about $50,000. I am a sub-contractor in the telecommunications field and I am just starting out so I had to buy all the necessary equipment and tools. Now all that added up is more than what I made, Its about $56,000 what would my tax refund be?

If this is your only income and expenses for the year, yo...

MichaelL1 — Sat, 01 Jun 2019 14:08:25 GMT

If this is your only income and expenses for the year, you have a $6,000 loss and your income tax would be $0.

Any Federal Taxes paid in during the year would all be refunded.

For Earned Income credit you have to have a net profit, and this is a refundable credit, however, with only a loss there would be no EIC.

If you have some income for the first part of the year, that will change all of this.

The best thing you can do is enter all income and expenses and then see what refund you have if any (which right now would be any taxes paid in during the year).

topic I'm working under a 1099 and my expenses are more than my total income. What would my expected return be? in Retirement tax questions

I'm working under a 1099 and my expenses are more than my total income. What would my expected return be?

If this is your only income and expenses for the year, yo...