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Taxable freelance income?
Last year, I made about $900 doing freelance web development (from home, not for my full time employer), and I'm not sure how or where to declare that income.
About half the sites I've looked at have said I should declare it the same as if I'd received a 1099 misc form for it.
The other half say I should file a Schedule C (Profit or Loss from Business). But I don't really have a business, per se... I just did some freelance work for a former employer. Schedule C seems to be intended for someone operating an actual business.
Help?
4 Answers
- Anonymous9 years agoFavorite Answer
Both halves of your sources are correct.
The 1099-misc is the form someone else would send to you to (with a copy to the IRS) to show how much they paid you.
Schedule C is the form you attach to your tax return to report this income to the IRS. The IRS treats this as self employment even if you don't actually have a business license.
- Luv2AnswerLv 79 years ago
Yes, you need to file a Schedule C, which is where 1099 income goes. Both are correct.
- GregLv 59 years ago
Believe it or not as a freelance worker you are self employed and would need to file the Schedule C (or C-EZ) with your tax return.
- Anonymous5 years ago
no, your self employment tax is approx. 13.3% of your sch C 'net' amount $333.33 would be about $44/mo for self employment tax your non taxable amount of income for 2012 is $9750 if you are single and no dependents if you are 25 you will be eligible for EIC, which in some cases actually pays the self employment tax for you and of course, getting a job is a definite alternative
