Tax time help (CB)

[rileyrizzo]

2015 was my first year camming, not even a year, I started Nov 28th. I only made $450 and I'm not seeing any area on CB that includes tax information. Another job I had where I was an independent contractor only required that I file if my income was over $600, is this the same situation?

 

[ramblin]

The minimum self-employment income requirement for filing for 2015 is $400. For wages it's much higher - $4000 to $23000 depending on filing status.

However, CB is not required to issue a 1099-MISC to you unless you earned more than $600, though I believe they are allowed to issue one for smaller amounts if they like.

So technically you're required to file even if the $450 was your only income for the year, or if any other W-2 income was under the limit ($10,300 if filing single). In practice, the IRS likely won't notice the $50. However, with such low income, it's very possible that credits would result in you getting money back from filing. More info here (and elsewhere): http://www.efile.com/tax/do-i-need-to-file-a-tax-return/

 

[rileyrizzo]

The minimum self-employment income requirement for filing for 2015 is $400. For wages it's much higher - $4000 to $23000 depending on filing status.

However, CB is not required to issue a 1099-MISC to you unless you earned more than $600, though I believe they are allowed to issue one for smaller amounts if they like.

So technically you're required to file even if the $450 was your only income for the year, or if any other W-2 income was under the limit ($10,300 if filing single). In practice, the IRS likely won't notice the $50. However, with such low income, it's very possible that credits would result in you getting money back from filing. More info here (and elsewhere): http://www.efile.com/tax/do-i-need-to-file-a-tax-return/

Thank you! Ill keep an eye out for the form just incase

 

[SaffronBurke]

Thank you! Ill keep an eye out for the form just incase

They don't send 1099's for under $600, so you won't see it. If you do file, you can just enter the amount under "miscellaneous income". I have a few sites that don't send 1099's for one reason or another, so I combine them all into the miscellaneous income section.