If w-2 is less than $500 do you have to file taxes

[texasgoat2015]

if my second w-2 is less than 500 dollars, do i have to file it

[xmasbaby0]

YES, if you are filing a return, you just include every W-2!  All of your income on those W-2's gets reported to the IRS!

[texasgoat2015]

Thank you.

[lianneaukai]

If I don't have a w-2 where can I add the extra income of 405.00 from another job?

[xmasbaby0]

Is it self-employment income?  Was it on a 1099Misc?

[lianneaukai]

Yes, it was self-employment and I did not get a 1099MISC.  He said that it was under a certain amount and his accountant told him he didn't have to provide a form to me.  Not sure where to add this additional amount?

[Texas Roger]

No you would not be required to file a tax return for a W-2 of less than $500 assuming you had no other income. If any federal income tax was withheld, you should file a return to get a refund of the withholding.

[jessara_15]

what if I earned other income at a different job? Does that matter?

[xmasbaby0]

Yes that matters.  Report every W-2 you received on your tax return.

[Baby kayla]

I filed my federal and not my state I forgot to file my W-2 what can I do they didn't take any federal out of it

[xmasbaby0]

@Baby kayla

You cannot change or add anything on the return that you just e-filed, nor can you stop it.  It is too late, just like when you put an envelope in a US mailbox on the corner.

If you left out a W-2, or a dependent, or a 1099 etc…DO NOT change your return while it is pending.  The changes will go nowhere.

Now you have to wait until the IRS either rejects or accepts your return.  If your return is rejected, you will be able to go into your account and make the necessary changes to your tax return and re-submit your return.

 If the IRS accepts your return, however, then you have to wait longer until it has been fully processed and you have received your refund.  THEN you can prepare an amended tax return and mail it in. You have to be able to work from that return exactly the way it was when it was e-filed originally.  You will need to use a form called a 1040X. You cannot e-file an amended return.  They have to be mailed, and it takes at least 2-4 months for the IRS to process an amended return.

 Meanwhile, DO NOT go in and start changing anything on your return in the system, or you will make a mess for yourself.  Sit tight and wait until you see what the IRS does with the return you just e-filed

[greatcareplus]

I own a small business. I have a part-time employee who receives compensation of less than $500 /month . Do I deduct state, federal , SSS and medicare on that employee?

[MarilynG1]

@greatcareplus If you paid your Employee more than $600 in 2020, you should issue an 1099-NEC or a W-2. 

Beginning with the 2020 tax year, the IRS will require business taxpayers to report nonemployee compensation on the new Form 1099-NEC instead of on Form 1099-MISC.

Businesses will need to use this form if they made payments totaling $600 or more to a nonemployee, such as an independent contractor. 

This link gives detailed info Form 1099-NEC. 

Click this link for instructions on How to Create W-2s or 1099s for Employees or Contractors.