1099 - nec

Forum|Forum|4 years ago
June 16, 2022
2 replies
37 views

Hello I haven't work this year, my family has been supporting me, as a hobby freelancer I created some idea videos for pinterest for their reward program, my only income will be less than 400$ for the year and only income that I have, do I have to file taxes?

Best answer by NCperson

@Nezihe1 - assuming we are talking 2022 and you did not get medical insurance from the Marketplace, then no, no requirement to file.

NCperson

Level 15

@Nezihe1 - no, if your only income is less than $400, then there is no filing requirement......

https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center

"You have to file an income tax return if your net earnings from self-employment were $400 or more. "

Hal_Al

Level 15

The IRS considers anything on a form 1099-NEC to be self employment income. Technically, the filing requirement is $400. But, the way the math works out, there is no tax unless your self employment income is more than $432.

rjs

Level 15

Aside from the filing requirement for self-employment income, you must file a tax return if you received advance Premium Tax Credit for health insurance from the Marketplace ("Obamacare"), or if you received Advance Child Tax Credit payments. You might also want to file, even though you are not required to, if you qualify for the Recovery Rebate Credit and you did not receive a stimulus payment (Economic Impact Payment) for the full amount of the credit that you qualify for.