Yes, when the IRS talks about a filing requirement of $10,400 for a single person, they are referring to all income that is Federally taxed. With self-employment income that amount is $400. Since no one withheld taxes, you are wholly responsible for Social Security and Medicare taxes. The rate will be 15.3% of your profit.
You will use the Self-Employed edition and enter on Schedule C as instructed below.
Report income
without a 1099. Here's how to do that:
- Click on Federal Taxes
- Click Wages &
Income
- Under All Income, click Show all
income
- Scroll to Self-Employment,
click Start
- Click Yes to Did you
have any self-employment income or expenses?
- Enter any income from sales
or services that weren't reported on Forms 1099-MISC