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You have to check with the form you are going to use. It depends on if you have dependents or earn any interets in bank accounts or contribute to your IRA or 401k. You should definitely seek a tax advisor or visit turbotax.com The simple returns are free.
Unfortunately 1099 is not included in simple returns- I've tried. I really just need to get an idea of how much this is going to cost me. I have no dependents and this is all I made this year.
Well, Texas has no state income tax, so at least you won't have to deal with that. I'd suggest talking to a tax pro. I would expect, if that really is your only income for the year, that you will in fact not have to pay anything, and may not even have to file.
You can use the $19.95 version of hrblock.com online. I just filed and had 1099s to include. They walk you through everything. Super easy.
Thanks- I am a little bit concerned, I hope you are right @crayfish: this was kind of sprung on me and unexpected (I was a very underpaid nanny this summer for a family friend). I'm a full time student living off of savings and getting 15.3 percent of what I made for taxes would be exceptionally difficult. If I had expected this I would have requested a pay raise- I thought I was mostly just doing a favor as I was only being paid 2.50 an hour and spent most of my money on gas getting to the job and I would have put money away for this purpose.
You are going to probably owe for SS as well b/c your 1099 income counts as self-employment. Did the family you work for pay their share of your SS? If not, you'll have to pay that part too.
You'll likely have to do a schedule SC and C.
I don't think you'll owe anything if that's your only income. I don't think you have to pay tax on 1099 income unless it's over $2000. The IRS website will have more info on whether or not you'll have to pay tax on the money.
Your best bet is to use a Personal/Business tax system to do your taxes this year, since a 1099 technically means you have a self-employed business (regardless of any other work you do). I've received 1099s for the last 8 years and I have always had to pay tax to both federal and state governments.
However, when you do the Business program, it probably won't have you pay anything, and if it does, it will be a fairly small amount.
I had to file a 1099 but I don't recall how much of the taxes I owed since I don't have my 2009 return with me. No website offers free filing with 1099 unfortunately, but here's the site I used and they were the cheapest at $7.95 for everything,
http://www.olt.com/main/oltfree/default.asp
Federal: Assuming you have no other source of income:
You will owe $229 in self employment tax
Thanks everyone- I've decided to open a whole can of worms and technically as a nanny I am an employee not an independent contractor.
We'll see how this goes.
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How much am I going to owe on my 1099 taxes in Texas if I made roughly 1620 dollars?