For tax year 2018, I received a 1099-MISC for under $200 as a residual from when I used to be self-employed in previous years. I did not receive any other 1099-MISC forms and had no other self employed income for 2018. The rest of my income is from W-2 employment. Do I have to file this 1099-MISC considering my self-employment income is under $400? If so, how would I go about doing this? Thanks in advance for any assistance.
You still need to report the $200 shown on this 1099-MISC as income on your return -- it's still taxable income.
But, it won't be subject to self-employment tax, since your net SE income is less than $400.
Simply report it in TurboTax in the Wages and Income area of whichever TurboTax version you're using, then enter under 1099-MISC. You'll have to pay any tax that may be due on the income, but no self-employment tax on it.
You still need to report the $200 shown on this 1099-MISC as income on your return -- it's still taxable income.
But, it won't be subject to self-employment tax, since your net SE income is less than $400.
Simply report it in TurboTax in the Wages and Income area of whichever TurboTax version you're using, then enter under 1099-MISC. You'll have to pay any tax that may be due on the income, but no self-employment tax on it.
Yes, it technically can. I think it's better, GENERALLY, from an IRS standpoint, to have it under the 1099-MISC entry, because the IRS matches up documents from the payer with the payee (you)... but they're not going to be looking for a 1099-MISC. I'm sure you're fine either way.
Not going to be looking for a 1099-MISC for less than $200, that is!