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6 Answers

Do I have to report self-employment is under $400?

Asked by: fgr8out 472 views YA Discussion

The IRS website says that I do not pay taxes on self-employment income under $ 400 but do I still have to report it to them?

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  • self employed tax deductions less than 400 dollars
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6 Answers



  1. rtfm on Jan 29, 2013 Reply

    Not if that’s the only money you earned all year.

    If you had regular income in addition to the self-employment income, you must report all the self-employment income, even if it’s only a few dollars.

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  2. CoreyBryant on Jan 29, 2013 Reply

    You might want to look at a 1040-EZ – but usually if you make under $ 699 (I think) you don’t have to. But don’t forget state taxes also.

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  3. Pascal the Gambler on Jan 29, 2013 Reply

    If you have any other income, yes. If it is your only income, no.

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  4. Fabulous on Jan 29, 2013 Reply

    No, but I still file that way you have a copy of it on file.

    Last year I earned only $ 198, paid no federal taxes on it. Since I qualified for the Earned Income, I got a refund of $ 13.

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  5. Ray on Jan 29, 2013 Reply

    My understanding is… If under $ 500 its is not a requirement to report it.

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  6. Bash Limpbutt's Oozing Cyst© on Jan 29, 2013 Reply

    If your gross self-employment income before any business expense deductions is less than $ 400 and it is your ONLY income for the year, you don’t need to file a return. If your gross is higher than $ 400 but the net is less, you still must file a return and show it but you won’t owe any taxes on it.

    If you are already required to file a return you must report every dollar of self-employment. If the net is less than $ 400 you won’t owe any self-employment tax but you will owe income tax on it.

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