3579717
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

lloydsgl
New Member

If I received a 1099-NEC for $400, do i need to file a schedule C (Long tax form)? I am a college student and only reported $2,000 in total income in 2024.

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
MinhT1
Expert Alumni

If I received a 1099-NEC for $400, do i need to file a schedule C (Long tax form)? I am a college student and only reported $2,000 in total income in 2024.

If this is all your income for 2024, you are not required to file a tax return,

 

If your income is below the limits indicated in this TurboTax Help article, you aren't required to file a tax return.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

If I received a 1099-NEC for $400, do i need to file a schedule C (Long tax form)? I am a college student and only reported $2,000 in total income in 2024.

  • If your self employment income is $400 you have to file SchC and pay self employment tax unless you can claim the income was a one off venture and you don’t have a business. If you do report that as a business and have even one dollar in expenses, there would be no self employment tax. 
AmyC
Expert Alumni

If I received a 1099-NEC for $400, do i need to file a schedule C (Long tax form)? I am a college student and only reported $2,000 in total income in 2024.

If it was self-employment, you are starting a business and trying to make a living, then it is reportable business income. If it was a one off and you happened to make some money, it is not self-employment and you are below the threshold.

 

 Let's take a look at  Earning side income: Is it a hobby or a business? which lists 9 factors after stating that a hobby is for recreation, not for profit:

  • Whether the activity is carried out in a businesslike manner and the taxpayer maintains complete and accurate books and records.
  • Whether the time and effort the taxpayer puts into the activity show they intend to make it profitable.
  • Whether they depend on income from the activity for their livelihood.
  • Whether any losses are due to circumstances beyond the taxpayer's control or are normal for the startup phase of their type of business.
  • Whether they change methods of operation to improve profitability.
  • Whether the taxpayer and their advisors have the knowledge needed to carry out the activity as a successful business.
  • Whether the taxpayer was successful in making a profit in similar activities in the past.
  • Whether the activity makes a profit in some years and how much profit it makes.
  • Whether the taxpayers can expect to make a future profit from the appreciation of the assets used in the activity.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question