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Will I end up owing anything for taxes?
Hi,
I'm filing for taxes for the first time, and last year, I made about $730 from Door Dash (file with 1099), and about another $3700 from a company where I file with a W-2. Do you think it's likely I'm going to owe anything in taxes? I don't really have a ton of money in the bank, and am nervous I won't be able to pay if I have to owe anything. I also received both stimulus checks, the first $1200 and the second $600.
Thank you in advance.
Hi,
I checked on the IRS website, and b/c I'm considered self employed through Door Dash, I'm pretty sure I am required to file for taxes.
2 Answers
- ShayLv 71 month agoFavorite Answer
You are getting bad advice.
You DO have to file taxes because you made more than $400 on Door Dash. Anytime you earn income as "self employed" - which is what Door Dash basically is - then you DO need to file a tax return even if you didn't earn anything else for the year. Any earned income that is on a 1099 and is more than $400 requires you to file a tax return.
On your Door Dash income, you will probably owe about $55 - this is a very rough estimate that would cover your social security and Medicaid taxes. You owe those because you didn't have an employer that withheld them for you.
Now, on your W-2 form, if there is any amount in box 2, that amount would be refunded to you because your total earnings is less than $12,500. So, if the amount in box 2 is more than the estimated $55 that you will owe - then you are still going to get a refund. If it is less, then you are still going to end up owing something.
Fill out your taxes on a free tax website and see what the numbers actually show you. I am confident that you won't owe more than about $55 and that is only if you didn't have anything to be refunded from your other job. Include ALL income on ONE tax return.
EDIT - the part about the stimulus checks not be taxable income is correct - you do not include the stimulus payments on your tax return. That was "free" money.
- ?Lv 71 month ago
You don’t have to pay taxes on the stimulus checks.
If you made less than $12200 in gross income, you don’t have to file any taxes.