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I have a 1099 NEC with 7000.00 income for the year on it...do I need to file income tax?

 
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2 Replies

I have a 1099 NEC with 7000.00 income for the year on it...do I need to file income tax?

Yes, any amount of self-employed income of $400 or more must be reported on a tax return.

 

See this for how to enter self-employment income - https://ttlc.intuit.com/turbotax-support/en-us/help-article/self-employment-taxes/report-income-self...

JamesG1
Expert Alumni

I have a 1099 NEC with 7000.00 income for the year on it...do I need to file income tax?

You may owe self-employment tax.  You may be subject to income tax based upon your other income, your deductions and your filing status.

 

The IRS presumes that income reported on an IRS 1099-NEC to be self-employment income subject to self-employment tax. 

 

This TurboTax Help states:


Do I need to pay the self-employment tax?

 

If you made $400 or more in self-employment net income, you’ll have to pay taxes.

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