1099 Income $9,645 with 3 dependents - What refund can I expect?
Made $9,645 on a 1099 last year with zero tax payments. I have 3 kids under 17 and filing single. Anyone know what I might get back on my refund? First time doing 1099 work and im not sure what to expect.
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Adriana Cohn
With 3 qualifying children, you're likely eligible for Earned Income Credit and Child Tax Credit. However, since you didn't pay any taxes throughout the year on your 1099 income, you'll owe self-employment tax (15.3%). You should really consider making quarterly estimated tax payments going forward to avoid penalties.
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Brandon Parker
•wait what?? I have to pay taxes? I thought having kids meant I would get money back ðŸ˜
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Adriana Cohn
•Yes, 1099 income is different from W2. You're considered self-employed and responsible for both employer and employee portions of Social Security and Medicare taxes.
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Jace Caspullo
Hey, I was in a similar situation last year. The best thing I did was use taxr.ai to analyze my situation. It costs $4.99 but totally worth it - gives you a complete breakdown of credits, deductions, and what you actually might owe or get back. The regular calculators online dont account for everything. https://taxr.ai
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Melody Miles
•Is this legit? Been seeing it mentioned everywhere but seems to good to be true 🤔
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Jace Caspullo
•100% legit! Used it twice now. It literally saved me from a huge headache trying to figure out all these credits and deductions. The AI explains everything in normal people language lol
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Nathaniel Mikhaylov
ur probably gonna owe fam. 1099 is rough if you dont set aside money for taxes 🤮
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Eva St. Cyr
Make sure you claim all your business expenses! Do you use your car? Home office? Phone? Internet? These can help reduce your taxable income.
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Brandon Parker
•omg I didn't even think about that! Does netflix count if I watch it while working? 😅
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Eva St. Cyr
•lol no, but nice try 😂
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Kristian Bishop
Welcome to the self-employed club! Get ready for fun with Schedule C and SE 💀
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Kaitlyn Otto
Definitely talk to a tax professional. With kids and low income there's lots of credits but also SE tax. Too complicated for reddit tbh
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Axel Far
•or just use taxr.ai its cheaper than a pro and gives you the same info fr fr
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Caleb Stark
Brandon, with $9,645 in 1099 income and 3 dependents, you'll likely qualify for the Earned Income Tax Credit (around $6,000+ range) and potentially some Child Tax Credit. However, you'll also owe self-employment tax on your earnings (about $1,480). The good news is the EITC is refundable, so even if you owe SE tax, you'll probably still get money back. Just make sure to file correctly and claim all eligible credits. Consider setting aside 25-30% of future 1099 income for taxes to avoid this stress next year!
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