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Message
CPA’s of the TD - tax question
Posted on 4/17/23 at 4:18 pm
Posted on 4/17/23 at 4:18 pm
My daughter made $8700 last year. She had three W-2’s and a 1099.
She paid all of $15 in federal tax last year.
It’s been 25+ years since I’ve done taxes.
Single deduction for 2022 is $12950.
Does this mean she owes nothing and actually is owed $15 refund?
She paid all of $15 in federal tax last year.
It’s been 25+ years since I’ve done taxes.
Single deduction for 2022 is $12950.
Does this mean she owes nothing and actually is owed $15 refund?
4
Posted on 4/17/23 at 4:36 pm to theantiquetiger
Do you claim her as a dependent?
Posted on 4/17/23 at 4:37 pm to slackster
quote:
Do you claim her as a dependent?
No
Posted on 4/17/23 at 4:45 pm to theantiquetiger
Probably too late to set up. But if you can have her fund a 2022 Roth IRA by tomorrow she can likely get the savers tax credit.
Posted on 4/17/23 at 5:18 pm to theantiquetiger
quote:
1099.
What is the 1099 for?
Posted on 4/17/23 at 6:12 pm to BallsEleven
quote:
What is the 1099 for?
She started a little business during covid, painting mailboxes. It grew to where an entire subdivision HOA hired her to do the whole neighborhood.
Posted on 4/17/23 at 9:34 pm to theantiquetiger
I’d think if it was a 1099-NEC she would have to file because of self-employment taxes.
This post was edited on 4/17/23 at 9:36 pm
Posted on 4/18/23 at 11:54 am to theantiquetiger
Unfortunately, she is going to have to pay self employment tax on the 1099 from painting mailboxes unless she has enough deductions against it (paint and supplies) to get it down below $400 net profit.
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