Tax Forms Required

Discussion in 'General' started by Dennis Marks, Jan 16, 2021.

  1. Dennis Marks

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    My total income is under the standard deduction since I am retired and I have not had to file taxes for years. Now with self employment with Turk it seems like I will owe the Social Security and Medicare taxes. Am I correct that I must file a 1040 and schedules SE, 1, 2, and C?
     
  2. Flora

    Flora Admin
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    Yes Mturk is considered self employment so you would have to do SE or Schedule C. Turbotax & TaxAct is good & user friendly about guiding you through it step by step. I'm sure there are others out there as well.
     
  3. tscreener

    tscreener User

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    Did you make more than $400 on mturk or total self employment (after subtracting any business expenses specifically for that purpose)? You won't need the SE etc. if not.
     
  4. Dennis Marks

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    I made way more than $400 but my total income including Turk is still under the taxable income amount. A quick calculation shows no income tax but Social Security and Medicare tax must be paid. I just want to know the minimum form requirements.

    I can't think of any business expenses. Maybe someone knows some.
     
  5. tscreener

    tscreener User

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    Then yep, 1040, Sch 1 & 2, C and SE. Only if you bought a new monitor or new chair for turking...that sort of thing. Needs to be 100% usage.
     
  6. Flora

    Flora Admin
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    I avoid business expenses because I feel like that will trigger an audit. Don't want to bother with that. That's just me.
     
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  7. Dennis Marks

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    I used the free version of Turbotax for Federal and State taxes. It was simple and I filed online. Money was sent to the Fed and received from CA all online.
     
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