I had heard that if it was $14.00 or less than the employer didn't have to turn in a 1099 and therefore I wouldn't have to pay taxes on the money my welding truck made
2007-01-12 06:06:19 · 1 answers · asked by blaine m 2 in Business & Finance ➔ Taxes ➔ United States
If they paid you less than $600, they may not be required to issue a 1099. However, if you made the income, it is taxable to you, whether they send the 1099 or not. If you actually made less than $14 for the year, it's not going to hurt you to claim the income.
It is likely that no matter how much you got, the contractor is going to send a 1099 so that they can deduct it. They can send one, even if they don't have to, but if they don't, it's more difficult for them to claim the deduction.
If you have any more questions, shoot me an e-mail. I'm working a lot, but I'll try to remember to check for it.
2007-01-13 04:33:51 · answer #1 · answered by Katie Short, Atheati Princess 6 · 0⤊ 0⤋