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ionxxhols
Returning Member

File For An Amendment Or Not?

From January to March of 2020, I was self employed and earned about 1500 gross. When I subtracted my expenses, I saw that I actually had a $50 net loss. I also didnt receive 1099s from any of the people I worked with. As such, I completely skipped over my self employment info and only included 1099-G income from PUA. I figured... "what's the point?"

My self-imployment info wouldn't change how much taxes I owed or how much refund I got... both were zero dollars. It also wouldn't change my tax credits/deductions. 

Because of these factors, I didn't even have to file a tax return, but I did so anyway just in case.

I recently read an article about amendments which got me questioning if I should've included my self employment info after all.

 

The question: should I file for an amendment? Is it even worth it at this point? I feel like I would be wasting time/money for nothing.

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3 Replies

File For An Amendment Or Not?

 If you’re self-employed, the rule is simple. You must file  when net earnings from self-employment are at least $400. Net earnings mean your total earnings from self-employment minus your business expenses, such as mileage.  Since it was a $50 loss, you do not need to amend.

ionxxhols
Returning Member

File For An Amendment Or Not?

Thank you for taking the time to answer! 😀

File For An Amendment Or Not?

buenas noches a quien pueda interesar;

 

yo jenny jorge presente mis incontax temprano en 2020 y recibi unemployment durante la pandemia y no e encontrado trabajo sin embargo en los taxes de 2020 informe la 1099 g y recibi algunos creditos pero aun asi me pusieron una deuda de 300 dolares y hace 3 meses me llega una carta del irs diciendo que tengo mi deuda en 0 la pregunta mia es si no se supondria que tendria un reintegro como compensacion por la pandemia aparte yo solo tuve dos estimulos por que el primero me lo quito child support por una deuda vieja ya que mis hijos ya son mayores de edad prodria usted quien lee y orientarme

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