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/biz/ - Business & Finance

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27210886 No.27210886 [Reply] [Original]

if I made only $1.2 grand for a 1099, does it need to be reported to the IRS? Turbotax says I need to fill in a box for "schedule C" but I don't see anything. Thanks.

>> No.27211010

>>27210886
1099-MISC is 600, 1099-R is 10 to not report?

>> No.27211120

Paying taxes huh? oh so you wanna breed more niggers that hate you I see. Just buy more crypto and if the IRS calls you, ignore them. Get drunk and call em back. Pretend to be a vagrant low life and say sheeeeiiiiiiiitttttt a bunch till that fat black woman on the end of the line hangs up. cuck.

>> No.27211278

im assuming this capital gain is based on stock? depending on how long youve been holding for, but IRS taxes 10% for only up to $9875 if you held that less than a year.

0% if longer up to $40,000

>> No.27211491

>>27211120
The IRS is scarier than any black person could ever be

>> No.27211707

>>27210886
Did you make any other money last year or just that?

>> No.27212025

>>27211491
the IRS is 95% black people

>> No.27212235

>>27210886
And what kind of 1099 was it? If it's 1099-NEC then you're supposed to do a Schedule C and a Schedule SE which is kind of a pain. Don't worry about the quarterly payments stuff.

>> No.27212316

>>27212025
>not sure if more afraid of getting shot or getting fined $6,000,000 due to flawed sheboon math

>> No.27212869

>>27210886
I wouldn't bother just make sure your other taxes are flawless

>> No.27213084

>>27212869
I agree with this but I'd just add it to income on your 1040 (wages, tips). It's too complicated for such a small amount.
Also
>1 post by this ID

>> No.27214025

I would not fuck around with avoiding taxes on crypto. Crypto to crypto is a meme but if you cashed out through an entity that reports to the IRS, I would report it. All its gonna take is the economy to collapse and the government will be looking for ways to raise capital, and what better way than to go after crypto holders for unpaid taxes in years past. Idk the statute of limitations on that shit, but you better believe that eventually the IRS/treasury will be able to use AI blockchain crawlers and find you. Its an IMMUTABE, DISTRIBUTED LEDGER after all.

>> No.27214324
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27214324

>>27211120
the irs only mails, never calls, my fellow zoom zoom

>> No.27214423

>>27214324
>the irs only mails
that is until they come with vests on. a little advice- you want to be in another country when that happens

>> No.27214469

>>27214025
Knowing the government, there isn’t a statute of limitations for taxes

>> No.27214682

>>27214324
Yep and if that mail is lost by the usps, it’s still your liability.
>the letter is notification of additional fines as you didn’t respond to our first letter
>what “first letter”? I never received it.
>we don’t care. You now owe us more.
Fuck the IRS.