You'll need to sign in or create an account to connect with an expert.
If you are referring to income from OnlyFans as others in this thread, that is considered to be self-employment income reported on Schedule C.
However, you also stated that it is your only income. In that case, you are not required to report it or file a tax return. You must have net profit (income minus expenses) from self-employment greater than $400 before you are required to file a return.
@Jadepirt
So I am a college student and only work during the summer but this year I started onlyfans during the fall semester of college to get some extra spending cash for the holidays. I only made about $200 before I deleted it so I won't get a w2 or a 1099. Also, the income from onlyfans went to my boyfriend bank account but it was my onlyfans account with my information and my social security number just paid out to his bank account that we do not share. Do I have to file taxes for onlyfans because my overall net of the year would be more than $400 because of my summer job? Or is it the net of that job (onlyfans) that needs to be $400 to file? Would i file it since it was my information on the account even tho it paid out to my boyfriends bank account that we do not share? Does that still count as part of my net? Will I owe money if I file onlyfans taxes since my earnings were so low? What makes you owe the government money from your taxes?
Whether or not you need to file a tax return depends on how much income you have and your filing status. If the $200 self-employment income is the only income you have for the year, then you do not need to file. If you had additional self-employment income or other sources of income and will be filing a return, then the $200 will need to be included in your return. See the article for more information on filing requirements. Do I need to file a federal return this year?
It does not matter if the income went into your boyfriend’s account, the company has your information as the recipient, and therefore it is your income to report.
Some situations that may cause you to owe money in your taxes are when you have a job that pays with Form W2, but you fail to have enough taxes taken out of your pay. Also when you have income from self-employment, no taxes are taken out of your pay to cover your taxes, that is why at the end of the year you might have a balance to cover your Medicare, Social Security, and Federal and State taxes.
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.
TestEasyFirstName7
New Member
pamelasheldon
New Member
Catherine Davis
New Member
eddie34
New Member
morganbarcus02
New Member