Hello, so this is my first-time filing taxes and received a 1099-NEC. I received under 10,000 am I still required to file? I am not sure what to expect in paying given I also have a 1098-T form and am wanting to claim that since I am no longer being claimed as a dependent.
I purchased a brand-new desk and laptop to be used towards work and school can I report this as an itemized deduction?
Will I have to be paying for both state and federal?
Thank you
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Yes, you will need to file your return using TurboTax Self-Employed since you have income on your 1099-NEC. You will be required to pay self-employment tax which is 15.3% of your earnings.
How old are you? If you are under 24 and at least one of your parents are still living, you cannot claim the education credits. If you are 24 or older you can enter your 1098-T in the education section.
No, you cannot deduct your entire desk as an itemized expense, but you could allocate the portion that is for the business as a business expense. The same with your laptop, however, you can use the portion that is for your education (If it was a requirement by the school and not just a convenience for you) towards the education credit when you enter your 1098-T. This could possibly increase your education credit.
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