US Freelancer Types Tax-Return Question

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I need to figure out my return early to apply for financial aid in case I end up returning to school, eh--. I have a miniscule amount of money earned from freelancing (in addition to a miniscule amount of regularly earned money), but from what I can tell I can't include this on the 1040/it is nonemployee compensation? Apparently I need a C form or something? And then do I need a different form from the 1040 to put it all together with? Thank you good people. I'd like to do this right and keep everything on the up and up because there is unemployment and other stuff I am declaring, and I'd prefer the nice tax people not to come after me in five years or so.

― Mary (Mary), Thursday, 26 February 2004 01:48 (twenty-two years ago)

you HAVE to report it on form 1040 (on line 12, "business income of loss") -- and yes, you will need schedules c and se. yer also gonna owe self-employment tax (on line 55 of the 1040 -- that's what schedule se is for), but you also get a credit of about 1/2 that amount (on line 28).

the irs prob. won't hassle YOU, as long as you just pay yer tax and don't try to take all sorts of fucked-up deductions (esp. on yer schedule c).

― Eisbär (llamasfur), Thursday, 26 February 2004 02:03 (twenty-two years ago)

(mary, you DO know that NYU Law has prob. THE premier tax-law department in the country yes? since yer an NYU student then you MAY be able to ask someone there for help, though i dunno for sure. but i don't think that you'll need help b/c yer not doing anything too complicated.)

― Eisbär (llamasfur), Thursday, 26 February 2004 02:05 (twenty-two years ago)

income OR loss, i meant.

― Eisbär (llamasfur), Thursday, 26 February 2004 02:06 (twenty-two years ago)

Ah...that explains it. Thank you Tadbar!

(x-post) I think I should be able to handle it now.

― Mary (Mary), Thursday, 26 February 2004 02:07 (twenty-two years ago)

Eisbar are you a tax atty?

― don weiner, Thursday, 26 February 2004 04:44 (twenty-two years ago)

trusts & estates, mostly (which is estate, gift, and gen-skipping transfer taxes). i have a tax ll.m.

― Eisbär (llamasfur), Thursday, 26 February 2004 04:55 (twenty-two years ago)

yer not gonna sue me for malpractice, are you?

― Eisbär (llamasfur), Thursday, 26 February 2004 04:55 (twenty-two years ago)

(i prob. should've e-mailed mary, that would've been smarter)

― Eisbär (llamasfur), Thursday, 26 February 2004 04:56 (twenty-two years ago)

no, just confirming that you must be miserable, dude.

But if you love that kinda work, then my hat is off to you. I have several lawyers in my family but none do that kind of stuff; never hurts to know where the free advice may be. Hah!

― don weiner, Thursday, 26 February 2004 05:01 (twenty-two years ago)

Sorry for outing you Tad!

― Mary (Mary), Thursday, 26 February 2004 05:06 (twenty-two years ago)

no prob, mary, it was me & my big mouth :-)

don -- i do like this kinda thing, actually. my legal hell would be doing insurance defense or criminal work.

― Eisbär (llamasfur), Thursday, 26 February 2004 05:13 (twenty-two years ago)

If I remember right, depending on how small the amount you earned freelancing is you may not have to pay any self employment tax, but you do still have to fill out C and SE in any case.

― the krza (krza), Thursday, 26 February 2004 05:55 (twenty-two years ago)

one year passes...

It's that time of year again. Is there an a threshhold amount which if I am under it I don't have to do anything? I really don't feel like doing the paperwork this year.

― Lazy Mary (Mary), Thursday, 14 April 2005 18:06 (twenty years ago)

Psst, Mary: I think you have to pay self-employment tax on anything over $400! Hard to get out of.

― nabiscothingy (nory), Friday, 15 April 2005 04:44 (twenty years ago)

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