It's almost Tax Time

Discussion in 'General' started by charmingwhiteeyes, Dec 31, 2012.

  1. charmingwhiteeyes

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    I found this website that is a great starting point for figuring out important tax information for this year.
    http://www.irs.gov/Businesses/Small...Small-Business-and-Self-Employed-Tax-Center-1

    I have not looked the whole thing over yet but I'm already a bit surprised by some things. I always believed if you made less then $600 you did not have to report it but the self employed page says if you net at least $400.

    Hope this helps. I'm off to investigate. Oh and anyone who knows more about self-employment taxes please share your expertise. Thanks.
     
  2. clogan98

    clogan98 User

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    I thought you wouldn't get a 1099 unless you made over $1500 from one single requester. Or was it $1000?
     
  3. Andy

    Andy Administrator
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    I thought it was $600.
     
  4. ewd76

    ewd76 User

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    I've heard $400 and $600.
     
  5. Andy

    Andy Administrator
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  6. atkins

    atkins User

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    #6 atkins, Dec 31, 2012
    Last edited by a moderator: Dec 31, 2012
  7. naisybee

    naisybee - Don't Blink -

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    Okay, let me put this straight for all of you.

    I've filed "self employed" before and got some info from my tax lady.

    It doesn't matter if it's 400 or 600 or .02. Uncle Sam wants you to claim it an pay taxes on it. You know Amazon knows you made it, which means uncle sam will to. So if you don't claim WHAT EVER you make, you could be looking at an audit.

    I myself am going to claim self employment. That way I can get deductions on the taxes I would have to pay on my money earned. They can deduct things like internet, phone, and even some electric!

    I have done my taxes myself online in the past, but this year I'm going to a professional to get it all sorted out.

    Seriously. You have to claim what you make, whatever the amount it is. You really don't want an audit and fines..
     
  8. naturegirl

    naturegirl User

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    I did lots of research on this topic for a big post on my blog this month, after the whole 6050W thing came out. What naisybee said is absolutely the bottom line. People get way too caught up in worrying about this limit and that limit and lose sight of the fact that Uncle Sam intends for most income to be taxed.

    If you still want to know whether or not to file, the IRS themselves has a handy-dandy interactive interview that will take into account all of your personal factors. The IRS has no hard-and-fast minimums that don't have a lot of qualifiers, so taking that interview is the safest course of action, if you really feel you might be able to not file.
     
  9. Dreamshot

    Dreamshot User

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    As simple as it gets:

    1) The only way you have to pay taxes on your Turk earnings is if Amazon sends you a 1099.

    2) If Amazon sends you a 1099, that means you made over $600 from a single requester on Turk.

    3) If Amazon sends you a 1099, that means they also sent a report of your earnings to the IRS.

    4) If Amazon does not send you a 1099, that means they also did not send a report of your earnings to the IRS.

    5) Amazon must issue your 1099 by January 31st.

    6) The latest you will get your 1099 (if you are going to get one) is early in February.
     
  10. atkins

    atkins User

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    Technically, per the IRS, even if you don't get a 1099, everything and anything you make is taxable. You may not have to file if you make less than 400 from self-employment and meet the other non-filing requirements. BUT....


    http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center

    You have to file an income tax return if your net earnings from self-employment were $400 or more. If your net earnings from self-employment were less than $400, you still have to file an income tax return if you meet any other filing requirement listed in the Form 1040 instructions (PDF).
     
    #10 atkins, Dec 31, 2012
    Last edited by a moderator: Dec 31, 2012
  11. Dreamshot

    Dreamshot User

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    Amazon WILL send you a 1099 if you meet the threshold ($600 from single requester).

    If you do not receive a 1099 from Amazon, this means that they DO NOT report your earnings to the IRS.

    If you are still concerned about not receiving a 1099 from Amazon, you can contact them, but they'll tell you that you haven't met the threshold for being sent one.

    If its not reported to the IRS . . . and you still decide to report the earnings, its roughly equivalent to you reporting $20 earned for shoveling a neighbors driveway.
     
    #11 Dreamshot, Dec 31, 2012
    Last edited by a moderator: Dec 31, 2012
  12. ewd76

    ewd76 User

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    It doesn't really matter. After midnight we'll all fall over the Fiscal Cliff. No one(President, Congress, IRS, us) knows what the heck is going to happen.
     
  13. jTurker

    jTurker User

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    I'm sorry but this is the most foolish and irresponsible shit that I have heard from this site. If you make more than $400 from a personal business(IE MTURK) You are required by Federal law to claim it.

    You are correct that unless you make $600 from any one requester that they will not send you a 1099(That is from the requester not from MTurk, MTurk will not make or send you a 1099, they are not required to)

    But the fact remains that US Law requires you to report any earnings >400 from a personal business. You may or may not be required to pay any taxes on it based on what else you may claim but, YOU ARE REQUIRED BY LAW TO REPORT ANY INCOME >400, regardless whether or not you receive a 1099.

    These are the kind of bs posts that get people into trouble during tax time. If you have any questions you need to contact a professional but don't erroneously believe that you don't have to pay taxes because you did not receive a 1099 because its not even remotely true.
     
  14. jTurker

    jTurker User

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    Just because they don't report it doesn't absolve you from having to pay it.
     
  15. clogan98

    clogan98 User

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    OK, I'm not trying to get out of paying taxes. I am self employed and do all that nonsense anyway. I guess what I meant was, don't you need the info on a 1099 (it's been forever since I got one, so I may be wrong) like you would a W2? Like the payers info?
     
  16. clogan98

    clogan98 User

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    Also, then is there a way to see how much you made YTD? So when I do file I don't include what was earned this year?
     
  17. ewd76

    ewd76 User

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    So how do the requesters get your home address or name if they decide to send you the 1099? Aren't you supposed to be anonymous to them other than the Turk ID?
     
  18. ewd76

    ewd76 User

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    Eventually Amazon will put how much you made in the year on your dashboard. I don't know how long it takes for them to do that.
     
  19. clogan98

    clogan98 User

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    Amazon sends the 1099, not the requestor.
     
  20. charmingwhiteeyes

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    I'm sorry everyone. I was not trying to start a debate but rather posting a direct link to help out those turkings who make working at home their major form of income. That link has all the IRS information you need for the specific purpose of self employment. I am a do it myself tax person and when I found that info I wanted to share it with the rest of you.
     

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