(Closed) Tax help? 1099 in Texas

posted 7 years ago in Legal
Post # 5
Member
1545 posts
Bumble bee
  • Wedding: November 2011

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.

Post # 7
Member
10367 posts
Sugar Beekeeper
  • Wedding: September 2010

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.

Post # 8
Member
830 posts
Busy bee
  • Wedding: July 2011

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.

Post # 10
Member
1011 posts
Bumble bee

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.

Post # 12
Member
724 posts
Busy bee
  • Wedding: July 2011

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.

Post # 13
Member
831 posts
Busy bee
  • Wedding: September 2010

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

 

Post # 14
Member
414 posts
Helper bee
  • Wedding: January 2011

Federal:  Assuming you have no other source of income:

You will owe $229 in self employment tax

 

 

 

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