GingerM Posted February 21, 2019 Report Posted February 21, 2019 IRS defines net earnings as income less expenses. If less than $400 you do not have to file. This cannot be correct. If I have a 1099 for $10,000 and expenses of $12,000 by definition of net earnings I would not need to file. And yet, because the 1099 is more than $400 IRS would send a letter. Am I correct? Quote
Lynn EA USTCP in Louisiana Posted February 21, 2019 Report Posted February 21, 2019 If net s/e income is less than $400 no s/e tax is due. You still have to file the tax return and the pertinent schedules. 2 Quote
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