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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16580
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Taxes but 2016-17 FAFSA I think both my children/dependents

Customer Question

For 2015 taxes but 2016-17 FAFSA I think both my children/dependents made under what is necessary to file a return, but is it better that they do so anyway for any reasons other than getting money back, or does it not matter? One was a w2 employee who made about $3500 and the other a 1099 worker. (The 1099 worker possibly made about $550 but had travel miles and expenses that took the income down to under $400) Please also list the amounts dependents need to file a return both for earned and unearned income for w2 and 1099 workers.
Submitted: 1 year ago.
Category: Tax
Expert:  Megan C replied 1 year ago.

Thank you for your question - for FASFA purposes, it really doesn't matter. It's not fair and all, but students still piggy back on their parents for financial aid purposes even if their parents don't help them -- unless, they are married. Filing a return is really only necessary if there is withholding they need to get refunded. In both circumstances you have listed, neither needs to file a return.

Please let me know if you need anything additional. If not, please rate positive.

Customer: replied 1 year ago.

I keep trying to reply seeing if this works this time. Ok it is

Expert:  Megan C replied 1 year ago.

Please use the stars to rate.

Thanks!

Customer: replied 1 year ago.

IPlease state the amounts for dependents for earned and unearned income for w2 and 1099 workers that they need to make to have to file. A tax preparer said for the 1099 worker that he had to file because the irs would have a 1099 that was over the amount (I think he said $400 was the max) and a return would have to show how it got lowered.

Expert:  Megan C replied 1 year ago.

It's $400 net income to file return for 1099, and like 5,250 for W-2

Please rate so that I may be paid.

Customer: replied 1 year ago.

I would like to know the exact amounts please for 2015 taxes for earned AND unearned income as I originally asked.

Expert:  Megan C replied 1 year ago.

Net self employment income of $400 (not gross, which is the amount on the 1099)

Dependent of $6,300

http://www.efile.com/how-does-a-dependent-file-an-IRS-income-tax-return/

Customer: replied 1 year ago.
Relist: Incomplete answer.
Expert:  Megan C replied 1 year ago.

I answered your question. Please rate.

Customer: replied 1 year ago.

Please relist.

Expert:  Megan C replied 1 year ago.

I answered and gave you a link, so you can go there and verify. Thanks, ***** ***** should at least rate positive so that I may receive compensation for the time I have spent going over this again with you.

You are a subscriber, so if you want a relist just post a new question.

Customer: replied 1 year ago.

It doesn't work like that. I will have to waste my time with customer service to remove the question first. No you didn't answer and still haven't. I asked the first time "Please also list the amounts dependents need to file a return both for earned and unearned income for w2 and 1099 workers." Didn't answer - asked you again, then you answered "around 5250"?? you were wrong and what cpa answers "around" and you still haven't answered as to the unearned income nor do I want you to at this point. You really don't want me to rate you.

Expert:  Megan C replied 1 year ago.

Obviously you didn't read my reply at 5:07 which gave exact amounts :

Net self employment income of $400 (not gross, which is the amount on the 1099)

Dependent of $6,300

http://www.efile.com/how-does-a-dependent-file-an-IRS-income-tax-return/

So, maybe you missed it -- so that's where our wires got crossed.

I don't do administrative tasks for customers. I think you can just post new questions, though. I'm not on that end -- I just answer questions.

Customer: replied 1 year ago.

That is called earned income and I also asked for unearned income. I had found those links before and also now have researched and found the answer for myself for UNEARNED income. I will the admin to repost since you refuse, because frankly that you don't get it nor understood what I said above in terms of having to ask you several times and still not receiving the right then non-complete answer, has me not trusting your answer on FAFSA. I also need to think about how this will affect or relate to obamacare as their incomes may need to be substantiated along with mine.

Customer: replied 1 year ago.

An enrolled agent on here disagrees with you and says :

1099Misc i treated differently. If the amount in box 7 is more than $400, the dependent needs to file tax return (1040 + Schedule C) regardless of net profit or loss. Who is right?