I am a high school student who earned less than $5000 last year as 1099-NEC. What is the most someone can make and not file a return? I've seen various figures online.
I am a high school student who earned less than $5000 last year as 1099-NEC. What is the most someone can make and not file a return? I've seen various figures online.
You are required to file a tax return if you have even $400 on a 1099NEC. That is self- employment income for which you must pay self-employment tax for Social Security and Medicare. I hope someone explained that to you when you agreed to work as an independent contractor. Since no tax was withheld from your pay, you have to pay self-employment tax.
So that you do not have to use the expensive Self-Employed software, you might want to use the Free File software on the IRS site.
Use this IRS site for other ways to file for free.There are 8free software versions available from the IRS Free File site
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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