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Filing Taxes- do I have/need to?

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Old 02-08-2013, 06:36 AM   #1
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Filing Taxes- do I have/need to?

Hey, TW. Got a question for y'all about filing taxes. First of all, I'm not sure what I have to do in terms of filing taxes. Could someone tell me whether I even have to file, and if I do, how I go about doing it? Do I need to open a bank account to do taxes, and what kind?
Here are some points:
-I work for my neighbor as a construction laborer.
-I am paid under the table, cash.
-My boss DID send in a 10-99 on me.
-I made roughly $6,000 last year, though I did not start working for my neighbor until May or June. Before that, I was unemployed. (Aside from scrap metal and doing the paper route with my dad.)
So... does anyone know if I even have to pay, and how much I should have to pay? (I have $1500 saved up currently.) Also, what do I do from this point? Will I get anything in the mail, like a W-2 or whatever the hell they call it?

Thanks,
Fenwick.
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Old 02-08-2013, 06:39 AM   #2
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I know if you make under a certain amount you do not need to file, but I have no idea what it is. I would assume IRS.gov FAQs would probably be the best bet to find the answers. Hopefully that helps.
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Old 02-08-2013, 06:42 AM   #3
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Thanks- I'll check that out and see what they say. Much appreciated!
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Old 02-08-2013, 06:49 AM   #4
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a 1099 form is simply a form sent out by a business listing the amount of money that was payed to you as a freelancer or contractor. You must claim the amounts on form 1099 as income when you file your income taxes.
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Old 02-08-2013, 06:56 AM   #5
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You made more than $400 so yes, you need to file taxes.
You did NOT get paid under the table since you received a 1099 form.
You get a W2 if you are employed and the employer withholds taxes. A 1099 is for self-employed / contractors and you need to pay all the taxes yourself.
Since you have no clue about taxes, take your form to a paid tax pro.
If you are lucky you will not have to pay penalties for not paying quaterly taxes - federal, state, social security, medicare, workmans comp, unemployment. And interest on the penalties. And penalties for not paying the interest. And interest on.......

Good luck.

Fritz
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Old 02-08-2013, 07:01 AM   #6
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If the $6,000 was your only source of income for the year, then you probably have everything that you need to file. The 1099 gets sent to you and the IRS so you will have to report this income your return. Any expenses that you had related to this income that you weren't reimbursed for can most likely be deducted from this income to reduce the amount of taxes you pay. You are probably also eligible for the Earned Income Credit

I think some websites (taxslayer.com, turbo tax, etc) will file your federal form for free and your state form for a small fee.
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Old 02-08-2013, 07:17 AM   #7
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Pretty sure with the Feds you have to file even if you have no income to claim. That's the case with the state, at least where I am, you need to have a tax return or the possibility of being audited increases.
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Old 02-08-2013, 07:43 AM   #8
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Quote:
Originally Posted by fritzthecat View Post
If you are lucky you will not have to pay penalties for not paying quaterly taxes - federal, state, social security, medicare, workmans comp, unemployment. And interest on the penalties. And penalties for not paying the interest. And interest on.......
What would make me lucky and not have to pay penalties? I had no idea there were quarterly taxes, except for certain kinds of businesses. At the risk of sounding like a bratty jerkwad, I must say what a great job my parents have done informing me on how taxes work.

Quote:
Originally Posted by tacodave13 View Post
If the $6,000 was your only source of income for the year, then you probably have everything that you need to file. The 1099 gets sent to you and the IRS so you will have to report this income your return. Any expenses that you had related to this income that you weren't reimbursed for can most likely be deducted from this income to reduce the amount of taxes you pay. You are probably also eligible for the Earned Income Credit

I think some websites (taxslayer.com, turbo tax, etc) will file your federal form for free and your state form for a small fee.
I don't get paid for doing the paper route- it's my dad's route, so the money goes straight to him. My name is not attached to that job whatsoever. And scrap metal is a side job, so it doesn't count either. So yeah, you could say it was my only source of income. I guess I should expect the 1099 form in the mail, then? My boss said he filed it a while ago, (when he changed the company name) but I haven't seen anything yet.
So you mean that I could get money taken off of what I have to pay since I had to buy my own tools? (Hammer, chalk box, nail bag, speed square, level, razor knife, etc.) I reckon that would require receipts, wouldn't it?
Also, I looked up the Earned Income Credit thing, and I'm not eligible according to this: And you must meet one of the following:
-Have a qualifying child
-If you do not have a qualifying child, you must:
-be age 25 but under 65 at the end of the year,
-live in the United States for more than half the year, and
-not qualify as a dependent of another person.

I have no kids, I'm only 19, and I'm pretty sure I qualify as a dependent under my father since I live at home. (Though I pay rent and certain bills.)
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Old 02-08-2013, 07:48 AM   #9
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^^I think at 19 years old.....your parents can only claim U as a dependent if you are enrolled in college and living at home with them....I think. You need to ask him because he cannot legally claim you if you file on your own behalf....I do know that to be a fact.
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Old 02-08-2013, 09:06 AM   #11
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Quote:
Originally Posted by Warputer View Post
^^I think at 19 years old.....your parents can only claim U as a dependent if you are enrolled in college and living at home with them....I think. You need to ask him because he cannot legally claim you if you file on your own behalf....I do know that to be a fact.
I'm not in school (yet) so I guess I'm not a dependent then?
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Old 02-08-2013, 09:11 AM   #12
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Quote:
Originally Posted by Fenwick1993 View Post
I'm not in school (yet) so I guess I'm not a dependent then?
I'm not completely positive but I know as a parent I can claim my daughter as long as she is home & enrolled in college (she's 18).....but you made quite a bit of money too, so this gets tricky....a quick phone call to your local H&R Block and they will answer all your questions. You really should call them or another tax preparer & they'll be glad to help you stay out of trouble.
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Old 02-10-2013, 08:04 AM   #13
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Quote:
Originally Posted by Fenwick1993 View Post
Hey, TW. Got a question for y'all about filing taxes. First of all, I'm not sure what I have to do in terms of filing taxes. Could someone tell me whether I even have to file, and if I do, how I go about doing it? Do I need to open a bank account to do taxes, and what kind?
Here are some points:
-I work for my neighbor as a construction laborer.
-I am paid under the table, cash.
-My boss DID send in a 10-99 on me.
-I made roughly $6,000 last year, though I did not start working for my neighbor until May or June. Before that, I was unemployed. (Aside from scrap metal and doing the paper route with my dad.)
So... does anyone know if I even have to pay, and how much I should have to pay? (I have $1500 saved up currently.) Also, what do I do from this point? Will I get anything in the mail, like a W-2 or whatever the hell they call it?

Thanks,
Fenwick.
Were you registered through unemployment and/or receive unemployment benefits, or get a 1099-G in the mail?

Quote:
Originally Posted by fritzthecat View Post
You made more than $400 so yes, you need to file taxes.
You did NOT get paid under the table since you received a 1099 form.
You get a W2 if you are employed and the employer withholds taxes. A 1099 is for self-employed / contractors and you need to pay all the taxes yourself.
Since you have no clue about taxes, take your form to a paid tax pro.
If you are lucky you will not have to pay penalties for not paying quaterly taxes - federal, state, social security, medicare, workmans comp, unemployment. And interest on the penalties. And penalties for not paying the interest. And interest on.......

Good luck.

Fritz
This ^


Quote:
Originally Posted by trailtaco View Post
Pretty sure with the Feds you have to file even if you have no income to claim. That's the case with the state, at least where I am, you need to have a tax return or the possibility of being audited increases.
Not always true. Someone who is single and under 65 who makes under $9,750 does not have to file. Same for other filing statuses with different thresholds. BUT like fritz said, since you made more than $400 "self-employed", you must file.


Quote:
Originally Posted by Fenwick1993 View Post
I'm not in school (yet) so I guess I'm not a dependent then?
If you provided over half of your own support, were age 19 at the end of the year and did not attend full-time school, then yes, you are not a dependent of your parents.


The big thing really depends on what box the income is listed under on your 1099-MISC. If it is listed in Box 7 (Nonemployee compensation), then your boss listed you as a self-employed contractor that he hired to do work, which he shouldn't have. You can get into a whole lot of technical details, but to sum it up; what your boss did wasn't right. I'm assuming he did this so he didn't have to pay FICA/FUTA on you. If you want, you can file a Form SS-8 that reports this to the IRS, which reports your boss to Federal Investigators for illegal classification of employees, but I'd recommend going to a CPA. DO NOT GO TO H&R BLOCK (or any non-CPA firm) for this type of return. I have filed literally hundreds of 1040X (Amdended returns) for people who have had H&R mess up tax returns. They should not be (and not legally) considered "tax professionals" unless they are a CPA.

You will owe money since you didn't have any witholdings on self-employed earnings. I would recommend you get professional help, as I said, and go to a CPA.
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Old 02-10-2013, 08:17 AM   #14
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You will need to file self employment taxes--TALK to an ACCOUNTANT.
Welcome to the GRIND--If at all possible, Be a dependant(since you intend to return to school) the $$$$ your parents will save out number what you will pay(NONE) as income tax.
Talk to them and work something out.
You will be required to pay social security and medicare tax.
Do not believe there is any way to avoid that.TALK to an ACCOUNTANT--that is your best bet.
Self employment tax is 15.2 %--2012 was 13.2%
7.65 employer pays PLUS 5.65 employee pays.
Self employed get SCREWED.
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Old 02-10-2013, 09:27 AM   #15
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Quote:
Originally Posted by pyroskier View Post
Were you registered through unemployment and/or receive unemployment benefits, or get a 1099-G in the mail?



If you provided over half of your own support, were age 19 at the end of the year and did not attend full-time school, then yes, you are not a dependent of your parents.
I never registered as unemployed or collected unemployment benefits.
I must not be a dependent then, because I take care of myself in terms of food, clothing, and utilities, turned 19 in July, and I've been out of school since June of 2011.
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Old 02-10-2013, 09:41 AM   #16
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Like others have said, go talk to a tax professional. Also, places like H&R block hires seasonal workers to help people file their basic taxes - they do a quick crash course before tax season, so do not concider them tax professionals. Go see a CPA who does taxes year-round. It will cost you a couple hundred bucks, but the information they can give you is invaluable, especially since you are just starting out and will need this information again for this year (help you start the year out right, maybe paying taxes monthly or so to keep up and not have to come up with a lot of cash this time next year.)
Also, there are a lot of deductibles such as work uniforms, boots, tools etc. that you can claim. Even mileage to job sites might be deductible.
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Old 02-10-2013, 09:45 AM   #17
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Also, when I started out, I went to the local IRS office, and they helped me file my taxes for free. They can also provide you with al the best information - for free.
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Old 02-12-2013, 03:45 PM   #18
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Quote:
Originally Posted by trailtaco View Post
Pretty sure with the Feds you have to file even if you have no income to claim. That's the case with the state, at least where I am, you need to have a tax return or the possibility of being audited increases.
Incorrect. I'm a former IRS Revenue Agent, there are parameters. For example, my mother does not have get to file on a 1040, even though she recieves Social Security. But I will say that most people have to file, and the OP is one of them.


OP, if your employer did not submit any tax withholdings, technically you do, but if your 1099 states that you only received $6K, then in essence you owe nothing, but possibly a few hundred bucks of Soc Sec, paid out to the IRS. With a couple of deductions (child, dependant, etc) you could actually be owned $ by the IRS.

PS: Crap, pyroskier beat me to it!


If you are younger than 21, living at home an not attending college, or attending college been younger than 24, then you go in your parents 1040.

If you are in the Military (active or reserve), you are legally an adult.


Good luck!

BTW, go to the IRS site, and check the links on how to do your taxes for free. Easy, cheap and a valuable tool. Caveat, you will be charged like $10-20 to get your state tax return taken care off.
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