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AP | Do I have to file a federal tax return if I received one payment of miscellaneous income (1099 form)? |
I'm a university student and my only income for 2007 was volunteering in a medical study. I was paid a few thousand dollars for being in this study, and no taxes were taken out of the payment I received. It will be reported on a 1099 form, for miscellaneous income, by the organization that conducted the study.
Since that's my only source of income for the year, I'll be way under the $8,450 minimum federal filing limit.
Do I not have to file a federal tax return, since I'm under the minimum limit? Or because it's on a 1099 and not a W-2, do I have to file even though I'm under?
Thanks!
Additional Details
Yeah, the organization that did the study is going to submit a 1099 form. But since I don't have other income that would make me go over the $8,450 minimum, I'm not sure if I have to even send anything in.
I've typed my info into a couple basic tax calculators and they tell me that the tax I owe is $0. But, I don't know if that's true, and if it is, if that means I don't have to file anything at all. |
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Soror Kate ART VT
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You still have to file. In this situation, you are considered to have been running your own business. You have to file if you made more than $600 on a 1099 you are required to file. You will not owe income tax, but you may have the "opportunity" to pay into Social Security and Medicare. It won't be much, but that's the reason you have to file. If you'd gotten a W2, the SS and Med would have already been taken out, and there is no refund for that. But you may have to pay in. Sorry. If you had mileage or other expenses related to this money, you should figure out how much it was so that you can take those deductions and pay even less.
Feel free to e-mail if you need more information. |
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MukatA
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1. You must file the return. Don't avoid this.
2. Check your filing status. You may be dependent. If any one can claim you dependent, then you don't get your personal exemption.
3. Normally this should be self employment income, which is subject to SE taxes at 15.3%.
(But may be ninasgramma has correct info about medical study participation income. In that case, even if you don't have to pay SE taxes and you don't have any federal tax or state tax due, you must file the return to disclose your position.)
4. You will pay federal tax if your income is more than $5,350 (for single dependent) or $8,750 (single nondependent).
5. Then there may be State tax depending upon your state. |
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ninasgramma
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The payment for your medical study participation is not self-employment income. It is not subject to self-employment taxes, and you are not subject to the requirement to file a tax return if the amount is over $400 (that limit is for self-employment income).
However, since it is on a 1099MISC, you should file a tax return. This is because the same form is used for self-employment income, and you need to document that this is not self-employment income.
File Form 1040. Show the payment on Line 21 as "Medical Study Stipend" or something like that. Indicate that it is not subject to self-employment taxes.
If you are a student, you may be a dependent. So your filing requirements may be different than you state in your question. However, if the stipend you received is under $5,350, and this is your only income, you do not owe income taxes. |
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theonebehindu2
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I would file just to be on the safe side, incase you get audited one day.. it may never happen but I would be prepared.. or CALL YOUR LOCAL TAX OFFICE and ask them.. OR look the information up online.. I'm trying to figure out what I'm suppose to do this year myself. I worked a cash paying job for 6 months and taxes were not taken out of my pay.. and I've never done that before.. I'm use to paying taxes during the year and getting back a huge refund...My son is 17 works part time and is a full time student.. He dosnt get taxes taken out bc he is exempt..being a student |
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v b
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If the 1099-Misc is for $400 or more, then you have a filing requirement. You participated in the study to make a profit, so this is SE income and you would start to owe SE tax after $400. |
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knuteball
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I would go ahead and file it just to be safe. The company that paid you will have to file it. |
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Lish
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Best thing to do when you are not sure. Just call the IRS they will tell you if you need to file or not. I have called them a few times for answers. |
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Judy1
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If the amount is in the box titled "non-employee compensation", then the limit to file is $400. If it's in "other income", the limit is $8750. |
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greatwhitenorth28 AM
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shhhhhh.....what payment? |
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