1099 nec

Forum|Forum|3 years ago
October 17, 2022
1 reply
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Hi I’m a dependent 19 years old sold tickets on StubHub think sold and got around $900 was wondering how I would do 1099 nec would it affect my parent income since they have heath insurance don’t want to put social security to accept the money if affect them?

Not A Product Question

Best answer by TomD8

StubHub will issue you a 1099-K at year's end, not a 1099-NEC.

https://support.stubhub.com/en/support/solutions/articles/61000276811-overview-of-1099-k-regulation

You must file your own tax return. Your tax return will not have any effect on your parents' income, nor on your eligibility to be on their health insurance.

On your return, be sure to indicate that you can be claimed as a dependent by someone else.

Anonymous_

Level 15

@TomD8

TomD8

Answer

Alumni - Champ

StubHub will issue you a 1099-K at year's end, not a 1099-NEC.

https://support.stubhub.com/en/support/solutions/articles/61000276811-overview-of-1099-k-regulation

You must file your own tax return. Your tax return will not have any effect on your parents' income, nor on your eligibility to be on their health insurance.

On your return, be sure to indicate that you can be claimed as a dependent by someone else.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

xmasbaby0

Level 15

So my parent can still claim me as a dependent?

If you are 19 at the end of the tax year, you can still be claimed as a dependent on your parents' tax return if your income during the tax year was less than $4300, or if you were a full-time student under the age of 24.

Here are the rules your parents use:

WHO CAN I CLAIM AS A DEPENDENT?

You can claim a child, relative, friend, or fiancé (etc.) as a dependent on your 2021 taxes as long as they meet the following requirements:

Qualifying child

They're related to you.
They aren't claimed as a dependent by someone else.
They're a U.S. citizen, resident alien, national, or a Canadian or Mexican resident.
They aren’t filing a joint return with their spouse.
They're under the age of 19 (or 24 for full-time students).

No age limit for permanently and totally disabled children.

They lived with you for more than half the year (exceptions apply).
They didn't provide more than half of their own support for the year.

Qualifying relative

They don't have to be related to you (despite the name).
They aren't claimed as a dependent by someone else.
They're a U.S. citizen, resident alien, national, or a Canadian or Mexican resident.
They aren’t filing a joint return with their spouse.
They lived with you the entire year (exceptions apply).
They made less than $4,300 in 2021.
You provided more than half of their financial support.

When you add someone as a dependent, we'll ask a series of questions to make sure you can claim them. There may be other tax benefits you can get when you claim a dependent.

Related Information:

CAN I FILE A RETURN IF I AM A DEPENDENT?

If you can be claimed as a dependent on your parents’ return, you can still file your own return so that you can receive a refund of taxes withheld. (You will not get back anything for Social Security or Medicare withheld.) Be sure that on your own return you say that you can be claimed as a dependent on someone else’s return.

https://ttlc.intuit.com/community/children-dependents/help/do-i-need-to-file-my-own-taxes-if-i-m-a-dependent/00/26111

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**