1099-K with $7000 income but $0 federal tax withheld - what does this mean for my refund?

Tax professional here. A 1099-K is just a report of your earnings from payment processors/platforms. No taxes are automatically withheld like a W2 job. You'll need to pay self-employment tax (15.3%) plus regular income tax on this income. Start setting aside about 25-30% of future earnings to cover taxes. You'll likely owe unless your other withholdings/credits cover it.

Hey there! Had the same panic last year lol. Check out taxr.ai - its an AI tool that analyzes your tax docs and tells you exactly what to expect. Saved me from so much stress trying to figure this out. Its $4.99 but totally worth it https://taxr.ai

In the same boat rn. Made like 10k on etsy and didnt know about taxes 🤡

Make sure u look into quarterly estimated tax payments for 2024 so ur not hit with a big bill next year

dont panic bro! first year is always rough but you'll figure it out. plus theres tons of write offs for self employed peeps

Remember to keep ALL ur receipts. The IRS loves to audit small sellers these days smh