Im 18 now but i was 17 as of dec.31,2016.
I worked for cash all year in 2016. I supported my two younger brothers because my mom wont keep a job and support them herself.
Anyways i recieved a 1099 misc.showing how much i was paid for the year which was $12,500. But no taxes were deducted.=====>Correct.You need to file SCh C of 1040 and claim your biz related expenses on SCh C. UNLESS you are a regular W2 employee, no tax is deducted from your 1099MISC as you are a self employer; yu need to fiel your return aslongas the amount on Sch C of 1040 line 29 / 31 is $400 or more and also youmust pay self employment tax to IRS aslognas the amount on Sch SE of 1040 line 2 / 3 is also $400 or more;however you can claim 50% of the self employment tax paid to IRS on your 1040 line 27; ALSO, Individuals, including sole proprietors generally have to make estimated tax payments if they expect to owe tax of $1K or more when their return is filed. You don?t have to pay estimated tax for the current year if you had no tax liability for the prior year;You were a U.S. citizen or resident for the whole year; Your prior tax year covered a 12-month period
Can i file and report this income and claim my little brothers and get the eitc?? Since i supported them all last year======> The Earned Income Tax Credit is a refundable credit for workers who earn low or moderate incomes If you qualify for the Earned Income Tax Credit you can reduce your taxes and increase your tax refund. Yes aslongas you meet the requirements;you may claim them as your qualifying children if yur brothers
must have lived with you for more than half of the year of 2016; they The child must not have provided more than half of his or her own support for the year;they shouldn?t be claimed as dependents by any person. as said your parent does not pay for the home but you pay for the home then your mother can not claim them as her dependents. A dependent child may only be claimed on one tax return. I mean say, If your parents are claiming your brothers on their return, then you cannot claim them. however in your case yourparent can not claim them as her dependents. |