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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