Tax Question

[JustinM85]

At the beginning of last year I was a Male cam model on Chaturbate. I had no ideal what I was doing, and clicked convert tokens to cash or whatever it is called. Im not sure the exact amount but I know I had less than $130. Thing was I did not have bank info attached to my account therefore never actually saw the money. I was age verified but no bank info was attached. Do I have to file taxes on this? I have never filed taxes, as I do not have a job, I am a college student, both of my parents have passed away, and my grandma takes care of everything, ( lucky me I guess ).

Any help is appreciated!

 

[BarbieLuv]

No, you shouldn't have to file taxes on it, due to the low amount and the fact that you never cashed it out.

 

[JustinM85]

No, you shouldn't have to file taxes on it, due to the low amount and the fact that you never cashed it out.

Ok awesome I had no Ideal what I was talking about really! I was worried about it though.

 

[JerryBoBerry]

At the beginning of last year I was a Male cam model on Chaturbate. I had no ideal what I was doing, and clicked convert tokens to cash or whatever it is called. Im not sure the exact amount but I know I had less than $130. Thing was I did not have bank info attached to my account therefore never actually saw the money. I was age verified but no bank info was attached. Do I have to file taxes on this? I have never filed taxes, as I do not have a job, I am a college student, both of my parents have passed away, and my grandma takes care of everything, ( lucky me I guess ).

Any help is appreciated!

Under $600 and they don't have to send a 1099. It's like it never happened.
That said you still do need to file a tax return, for two reasons. First, if you're getting any sort of financial aid you need to file the federal return to fill out the FAFSA information. And if you're going full time you most likely qualify for the educational tax breaks. One is just a reduction in taxes owed, which wouldn't apply to you. But there's another one that is a $1000 credit that you can claim 4 years. So even if you didn't pay anything you would still get $1000 back.

 

[JustinM85]

At the beginning of last year I was a Male cam model on Chaturbate. I had no ideal what I was doing, and clicked convert tokens to cash or whatever it is called. Im not sure the exact amount but I know I had less than $130. Thing was I did not have bank info attached to my account therefore never actually saw the money. I was age verified but no bank info was attached. Do I have to file taxes on this? I have never filed taxes, as I do not have a job, I am a college student, both of my parents have passed away, and my grandma takes care of everything, ( lucky me I guess ).

Any help is appreciated!

Under $600 and they don't have to send a 1099. It's like it never happened.
That said you still do need to file a tax return, for two reasons. First, if you're getting any sort of financial aid you need to file the federal return to fill out the FAFSA information. And if you're going full time you most likely qualify for the educational tax breaks. One is just a reduction in taxes owed, which wouldn't apply to you. But there's another one that is a $1000 credit that you can claim 4 years. So even if you didn't pay anything you would still get $1000 back.

So if I made under $600 which I did Im fine right? Everything with my school is ok, I just Filled out my FAFSA for next year this past week.

 

[BarbieLuv]

At the beginning of last year I was a Male cam model on Chaturbate. I had no ideal what I was doing, and clicked convert tokens to cash or whatever it is called. Im not sure the exact amount but I know I had less than $130. Thing was I did not have bank info attached to my account therefore never actually saw the money. I was age verified but no bank info was attached. Do I have to file taxes on this? I have never filed taxes, as I do not have a job, I am a college student, both of my parents have passed away, and my grandma takes care of everything, ( lucky me I guess ).

Any help is appreciated!

Under $600 and they don't have to send a 1099. It's like it never happened.
That said you still do need to file a tax return, for two reasons. First, if you're getting any sort of financial aid you need to file the federal return to fill out the FAFSA information. And if you're going full time you most likely qualify for the educational tax breaks. One is just a reduction in taxes owed, which wouldn't apply to you. But there's another one that is a $1000 credit that you can claim 4 years. So even if you didn't pay anything you would still get $1000 back.

So if I made under $600 which I did Im fine right? Everything with my school is ok, I just Filled out my FAFSA for next year this past week.

Yes, you're fine. And since you're in school, living with your grandmother, and not currently employed, it should be HER tax return that you need for your FAFSA. As JoBerry said, you might be able to claim a credit, but if you don't want to bother with it it's understandable. And personally I don't see a point to filing with NO income to your name... save the hassle of filing taxes until you have to, lol.

 

[JustinM85]

At the beginning of last year I was a Male cam model on Chaturbate. I had no ideal what I was doing, and clicked convert tokens to cash or whatever it is called. Im not sure the exact amount but I know I had less than $130. Thing was I did not have bank info attached to my account therefore never actually saw the money. I was age verified but no bank info was attached. Do I have to file taxes on this? I have never filed taxes, as I do not have a job, I am a college student, both of my parents have passed away, and my grandma takes care of everything, ( lucky me I guess ).

Any help is appreciated!

Under $600 and they don't have to send a 1099. It's like it never happened.
That said you still do need to file a tax return, for two reasons. First, if you're getting any sort of financial aid you need to file the federal return to fill out the FAFSA information. And if you're going full time you most likely qualify for the educational tax breaks. One is just a reduction in taxes owed, which wouldn't apply to you. But there's another one that is a $1000 credit that you can claim 4 years. So even if you didn't pay anything you would still get $1000 back.

So if I made under $600 which I did Im fine right? Everything with my school is ok, I just Filled out my FAFSA for next year this past week.

Yes, you're fine. And since you're in school, living with your grandmother, and not currently employed, it should be HER tax return that you need for your FAFSA. As JoBerry said, you might be able to claim a credit, but if you don't want to bother with it it's understandable. And personally I don't see a point to filing with NO income to your name... save the hassle of filing taxes until you have to, lol.

Thank You once again :-D I believe I will wait, no need to mess with it, as far as school goes a lot of it is paid for right now so no need to screw with it haha. As long as you guys say I am good, I will go with that.! :hello2:

 

[Jesse0328]

And if you're going full time you most likely qualify for the educational tax breaks. One is just a reduction in taxes owed, which wouldn't apply to you. But there's another one that is a $1000 credit that you can claim 4 years. So even if you didn't pay anything you would still get $1000 back.

Not necessarily. If JustinM85 is a dependent of another taxpayer, they are not eligible for any education deductions or tax credits. This is true, even if the taxpayer who should be claiming him as a dependent doesn't take the exemption.

http://www.irs.gov/uac/Tax-Benefits-for ... ion-Center

 

[JustinM85]

And if you're going full time you most likely qualify for the educational tax breaks. One is just a reduction in taxes owed, which wouldn't apply to you. But there's another one that is a $1000 credit that you can claim 4 years. So even if you didn't pay anything you would still get $1000 back.

Not necessarily. If JustinM85 is a dependent of another taxpayer, they are not eligible for any education deductions or tax credits. This is true, even if the taxpayer who should be claiming him as a dependent doesn't take the exemption.

http://www.irs.gov/uac/Tax-Benefits-for ... ion-Center

Im not worried about that, I was just trying to make sure I did not need to file, and make sure I would not get in some kind of trouble if I didn't. But thank you!

 

[Jesse0328]

The IRS has a nice little tool which will tell if you need to file a tax return. From the information you have given us, if all you made in 2014 was $130, then in general you likely won't have to worry about it, even if you get a 1099. You don't meet any of the tests which determine whether a dependent has to file a tax return.

http://www.irs.gov/uac/Do-I-Need-to-Fil ... turn%3FYou