in Events
I made a total of $368.85 with both self employed jobs. I had made $308.80 on chaturbate, then $60.05 with lyft. Do i need to file 2 forms? Am I even required to file them since I made under $400?
You'll need to sign in or create an account to connect with an expert.
If your total income for the year, from all sources, was less than $400, and you did not receive advance premium tax credit for health insurance from the marketplace, then you do not have to file a tax return. If you had other income besides the $368.85 of self-employment income, and you file a tax return, you have to report all your income, including the self-employment income. When you file a tax return you have to include all your income, of any kind, no matter how little it is. If you do file a tax return because of other income, you will pay regular income tax on the self-employment income, but you will not have to pay self-employment tax, since the self-employment income is less than $400.
I'm not sure what you mean by filing two forms. You only file one tax return for the year. You have to include all your income on that one tax return. But Chaturbate and Lyft are two distinctly separate self-employment activities, so you should report them as two separate businesses. That means that there will be two Schedule C forms included in your one tax return for the year.
My freelance income (the only source of income I had) was less than $400, I received a 1099NEC and I used Turbotax to figure out if I owed something but I had $0 federal and $0 state taxes due, but I owe Turbotax for the self-employment software. Do I need to pay this if I am not required to file taxes when my income is below $400?
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Raph
Community Manager
in Events
xer01
New Member
Ol_Stever
Level 2
KellyD6
New Member
Leelpatt
New Member