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

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

paullyshay — Wed, 05 Feb 2020 18:30:03 GMT

Re: Does someone with a 1099 that falls UNDER the 12,200 limit that requires one to file, still h...

Irene2805 — Wed, 05 Feb 2020 18:49:56 GMT

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?

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

dmertz — Wed, 05 Feb 2020 19:00:31 GMT

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.

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

SteamTrain — Wed, 05 Feb 2020 19:17:24 GMT

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