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rg | Will the IRS come after me when I file next year.? |
okay, last year I worked 2 jobs.
One at a FF place that gave me a W2
515.92- Wages
26.11- Federal Income Tax Withheld
7.47- Medicare
then the other job as an independent contractor that gave me a 1099-misc
3770.00 Non-Employee compensation
-------------------------...
I tried so hard to file, I did so much research and I just couldn't figure it out (which made me feel real bad beacuse I'm going to school for accounting but we haven't covered tax yet.) the problem was that I was not only working with a 1099 that did int take any income tax out (I received full cash at that job), I could have handled that, but It got really complicated with the regular W2 thrown in.
One form said that I owed 500 dollars... I was completely broke at the time (and Had just lost the 2nd job) so I had no way of paying
that year I went from 17yrsold to 18, I'm a full time student (went from HS to college that year) and I have no dependents beacuse I still live with my parents.
I remember hearing that there was a cutoff where If you made so little you didin't have to file, I looked it up and I can't remember the exact figure But I was below it
(I only made like 4grand in a year after all)
I just didint send anything In...at all. I haven't heard anything from the IRS and I haven't received any letters or anything, but I remember stories about people who don't file for years, and then when they do file thats when the computer system gets them.I live in NC btw, am I screwed??
Additional Details
But Im a student and I live with my parents, and I made so Little isint there a bracket.
that and I always get my Social Secruity and Medicare tax back, why is this different. |
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Wayne Z
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You aren't "skrewed" but you will need to pay the balance due.
If you do not file, the IRS will file the return for you and sent you a bill. The $500+ you owe is the self-employment tax (social security and medicare) on the 1099Misc.
Get the return filed and make payment arrangements to get the money paid. You are already probably looking at over $100 in penalties and interest on the $500 for not filing.
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Edit: You never get social security and medicare back. You were over the filing requirement. The filing limit for self-employment income (1099Misc) is only $400. You are over that. File the return and make arrangements to pay the tax. Ignoring it or playing stupid will not make it go away. |
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ninasgramma
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You are required to file a tax return with (net) self-employment income of $400 or more.
You should study Schedule C and fill it out for your 1099MISC. Your return is not complicated. You will owe little or no income tax, but you will owe about 15% of your net self-employment income to SS and Medicare. So, about $500 sounds correct.
The IRS may not come after you when you file your 2007 return, or they might have caught your omission by then. Within three years of the filing deadline, you will almost certainly receive a letter from the IRS indicating the amount you owe, plus penalties and interest.
Even if you cannot pay the $500, file that return right away to stop the failure to file penalties. Then pay off the balance due as quickly as you can. An installment agreement is possible, but that costs money as well, so just pay it over as little time as you can manage. |
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Judy1
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The $500 is probably real close to correct. It's for self-employment tax (social security and medicare) on the 1099 income.
Even if you don't have the money to pay it, file the return anyway as soon as possible - that will stop some of the penalties from accumulating, and penalties add up fast. You'll still have interest, and a penalty for non-payment, but the non-filing penalties will stop growing. |
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Ms. Angel..
 |
If you did not report all your income on your tax return, IRS will send you a letter CP2000 underreported income.
All employers/banks etc. are required to report all wages to the IRS. So IRS has all the information. Even if you received a refund for that year, it is because when they process the tax return they process as is, and after processing they go back and review the return and verify all income was reported.
There is no way you can cheat the IRS. |
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wartz
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When you file your return, if you owe money, IRS will send you a bill. Be sure to file on time or IRS will send you a bigger bill. |
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twosey ♥
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keep in mind that employers report their pay datat. so the irs will eventually realize that you got paid, but didn't file. the amount isn't big so it really isn't that bad. one year my husband did odd and end jobs for different co's and we overlooked one of the W2's. we got a bill in the mail 3yrs later with a fee on top of it. but the amounts are relative. they aren't going to fine you $1000 for $4000 income. it would probably be a 1 or 2% fee based on the amount you OWE not what you made. |
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Fluffy Feather
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They don't really look how much your earning is. If you get 1099, it's possible that your name now has a red flag. Better to pay it now before they do their computation.
www.busynessworld.com |
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r_kav
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I get a tax due of $497, assuming you had no expenses to write off on your Schedule C. Your ordinary income tax is $0, but your self employment tax (SS and Medicare) is $523. Subtract the $26 witholding and you get $497 owed.
Sounds like you actually prepared the return correctly, but here is how it works:
$516 is reported on 1040 line 7.
$3700 is reported on Schedule C or CEZ, line 1. Complete that schedule which will bring you to Schedule SE. You will end up with $3700 on 1040 line 12.
Line 22 is $4216.
Lines27 and 36 are $262.
Lines 37 and 38 are $3954.
Line 40 is $4254, bringing your ordinary income tax to 0.
Lines 58 and 63 are $523.
Lines 64 and 72 are $26.
Line 76 is $497. |
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