Question

Made 4,000 with nothing taken out

I only made $4,000 but it was contractor pay with no taxes taken out,

what do I do?

You are required to file a tax return and report your form 1099-MISC or your self-employed income (even if you did not receive a form 1099-MISC).

If you have expenses related to your self-employed income, you can deduct them.

Please read this TurboTax Help topic on how to enter your self-employed income.

Please read this TurboTax Help topic on how to enter self-employment expenses.

You'll have to pay self-employment tax on your net income.

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Employee

Q. What do I do?

A. File your tax return and pay the amount of tax due (about $565).

Since the amount due is less than $1000, there will be no underpayment penalty.

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