Tax question

Discussion in 'General' started by LadyK, Jan 30, 2015.

  1. LadyK

    LadyK User

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    Does Mturk send 1099 forms?
     
  2. Flora

    Flora Administrator
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    No they don't. The total earnings for 2014 will appear in a day to few days on your dashboard. Those earnings is what you report.
     
  3. Monica

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    I've stickied this thread so we have a place designated for tax questions.
     
  4. Tribune

    Tribune User

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    [​IMG]

    Thanks, Monica. I'll point to a couple 2013 threads [*] with current remarks.

    1. US residents are supposed to pay tax on any amount of AMT earnings.

    2. The law says you must report any self-employment income.
    If it's $400 or more, you must also file a Schedule SE with a Form 1040.
    This has nothing in particular to do with Forms 1099 you do or don't get.

    3. Amazon won't send a 1099 to anyone making less than $20,000 from turking.

    4. AMT income is "self-employment" income, not "other income."
    This is important.
    You have to pay both the worker and employer 'halves' of what amounts to Social Security tax, in addition to income tax (if any). Last year, I didn't have to pay "income tax," but still had to file a Form 1040 with Schedule SE to pay my self-employment tax.

    5. Your donation to a turking forum is tax-deductible as a business expense. (So is any equipment you buy which you use exclusively for turking). You probably can't deduct general Internet and computer expenses, or claim a "home office."

    6. Believe me (or any other well-meaning person) at your own peril.
    I keep telling people to consult a professional.
    One way to encourage that is not to answer followup questions on taxes. So I won't.



    Alpine, while well-intentioned, erred in assuring SSDI recipients that they can make more than $1000/month without consequence. (He's referring to what Social Security calls Substantial Gainful Employment). Social Security also has what's called a Trial Work Period for SSDI recipients, and it commences (automatically) at a lower amount (currently $780/month).

    However, Alpine is right when he says that SSI and SSDI are different animals.

    Being on disability (SSI or SSDI) does not confer a magical immunity to self-employment taxes. You must still file a 1040 with Schedule SE for income from turking.


    [*]
    report taxes; help me please
    Disability and Mturk
     
    #4 Tribune, Jan 30, 2015
    Last edited by a moderator: Feb 4, 2015
  5. pennywise

    pennywise User

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    everyone - if someone is claiming you as a dependent and you made less than $3950 you don't need to file taxes. (well if you'd get money back from something and you want it you need to file)

    The tax person at H&R block told the person who claimed me that. ^^
     
  6. bobbie01

    bobbie01 User

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    Like Tribune said, please make sure you get information from a certified tax preparer or the IRS website. Everyone's situation/deductions are different so different rules might apply to similar situations.
     
  7. CrystalClear

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    I was reading the posts about taxes from the HIT thread earlier and I have a question. So, if supposedly, I'm required to report all earnings from AMT, does that mean that if I made well below $400 turking last year, then I'm still required to file it? I'm confused. :confused:
     
  8. Monica

    Monica User

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    From what I gathered from Tribune's post:

    So, regardless of how much you've made you're required to document that on your tax return - however, if you make more than $400 than you're required to submit a Schedule SE with a Form 1040 as well. So file your last year's earnings as self-employment earnings, and only if you earn more than $400 would you have to also file a Schedule SE in addition to filing self-employment earnings.
     
  9. Flora

    Flora Administrator
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  10. CrystalClear

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    Okay, so let me see if I have this right. I made about $225 from turking last year and did not work as an employee (day job) for any other income. So, I should still file a regular Form 1040 for just the $225 as self-employment income? Is that right? Because last year, I didn't think I had to formally report anything under $400 and my dad was still planning on claiming me as a dependent on his taxes this year. Does that $225 I made invalidate the dependent option for my dad?
     
  11. Monica

    Monica User

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    Check the IRS website and maybe consider talking to a tax professional, but as far as my understanding goes if you make less than $4k and are being claimed as a dependent, you're not required to file taxes. But, I don't know for sure.
     
  12. FibonacciSequence

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    Go to irs dot gov. Plug in self employment in the search and on the right side you will see the instructions for that form. Quoted from there "Self-Employed Persons - You must pay SE tax if you had net earnings of $400 or more as a self-employed person."

    On the 1040 form (instruction booklet) it says that you only have to file if you made $10,150 for single under 65 or $20,300 married/filing jointly under 65. So if your only income was under $400 and only from turking then you wouldn't have to file. Correct?

    Also, there is more info on the next page of the instruction booklet on children and dependents.
     
    #12 FibonacciSequence, Jan 31, 2015
    Last edited by a moderator: Jan 31, 2015
  13. lm5626

    lm5626 New Member

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    It's really not easy to understand all these taxes stories. I'm a little lost.
     
  14. Flora

    Flora Administrator
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    Welcome to the forum! All this tax talk applies to the US. I see you are from Paris? Taxes are different outside of US. You would have to check on that.
     
  15. LiquidMist

    LiquidMist Banned

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    Should the HR block software Deluxe that I bought, know this already? I don't remember it mentioning this form when I was going through it.

    So the estimated amount o f$70 is for Social security, federal, and state taxes? What about medicare taxes? IS that the ACA crap?
     
  16. ammorgan

    ammorgan New Member

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    Has anybody gotten their 2014 earnings yet? Does anybody remember what date the 2013 earnings came out?
     
  17. CrystalClear

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    Okay, I figured it all out today. I'm not required to file taxes for last year, but definitely next year. With some help, I've got it all planned out. Thanks you guys, for your input. It really helped. :)
     
  18. loppy

    loppy User

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    I see total earnings on my dashboard, but how can I determine 2014 earnings?

    anyone?

    Thanks
     
  19. BloodRayen

    BloodRayen User

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    should be present in the next few days
     
  20. loppy

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    hope so
     
  21. BloodRayen

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    earnings for 2014 are live now
     
  22. Spinner410

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    Does Amazon report anything to the IRS or do I have to do it myself?

    Should I expect any forms from Amazon or should I just report myself?
     
  23. Flora

    Flora Administrator
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    Amazon does not send you any forms. You need to report your earnings on Schedule C as self-employment.
     
  24. MrRascal

    MrRascal Guest

    Is TaxAct safe to use? I've never done taxes before nor have I ever read up on it except I know I have to do it this year.
     
  25. Flora

    Flora Administrator
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    Yes TaxAct has been around for few years. Tjololo uses it and says it's good. I've been using TurboTax for few years and love it but I hate their pricing for Business version because of Schedule C. I'm gonna give TaxAct a try this year.
     
  26. MrRascal

    MrRascal Guest

    Is it correct to report the business as Self Employed Mturk or should I list it as something else? Also, should I list the income I earned under the "Business Income Or Loss" thing or somewhere else? Seems like the most reasonable place.
     
  27. BloodRayen

    BloodRayen User

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    look and see
     
  28. FibonacciSequence

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    From what I understand Amazon by law has to report all earnings on their site just like any business does. Hence the reason why you have to provide your social security number. You as a worker, have to file if you make more than the required amount.
     
  29. FibonacciSequence

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    I do not know. I was quoting what I saw in the instruction booklets for each form and asking a question at the same time!
     
  30. Flora

    Flora Administrator
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    I just did my taxes using both TurboTax and TaxAct. They both gave me the same results. TurboTax is going to charge you upwards of around $70 for the business version to use Schedule C/SE. You may find deals online for discounts.

    TaxAct is free for federal and $14.99 for state.
     

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