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JohnB5677
March 12, 2023

If that is the only income you have, you do not have to file, the key is that you are below $400.

 

You picked the magic number, ($400).  

  • You have to file an income tax return if your net earnings from self-employment were $400 or more. 
  • If you are self-employed, you will need to report your net earnings to Social Security and the Internal Revenue Service (IRS).
  • Net Earnings are your gross earnings from your trade or business, minus all of your allowable business deductions and depreciation.

Topic No. 554 Self-Employment Tax

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