If I received a 1099-NEC for $400, do i need to file a schedule C (Long tax form)? I am a college student and only reported $2,000 in total income in 2024.
If I received a 1099-NEC for $400, do i need to file a schedule C (Long tax form)? I am a college student and only reported $2,000 in total income in 2024.
If your self employment income is $400 you have to file SchC and pay self employment tax unless you can claim the income was a one off venture and you don’t have a business. If you do report that as a business and have even one dollar in expenses, there would be no self employment tax.
If it was self-employment, you are starting a business and trying to make a living, then it is reportable business income. If it was a one off and you happened to make some money, it is not self-employment and you are below the threshold.