The company doesn't file under $600 and I only made $550 from them. I want to know if I have to put this on my taxes.
2007-02-07 09:42:18 · 7 answers · asked by wishbear22 1 in Business & Finance ➔ Taxes ➔ United States
The so called "tax professional" above has given the same wrong answer to the last 6 questions I've read. Even if his facts were correct, which they aren't, it doesn't apply to any of the questions.
2007-02-07 11:17:29 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
You should report the $550 because that's the right thing to do. They don't have to provide one unless it is over $600 - as per tax law.
You don't file 1099s with the IRS like W-2s. They are only for your records.
Don't listen to the "tax professional" above me - HE'S WRONG. He isn't a tax professional if he's posting that info
2007-02-07 18:40:00 · answer #2 · answered by Dizney 5 · 1⤊ 0⤋
Technically, if you have to file anyways because of other income, then you need to report the 1099 income even though you did not receive a 1099 from the payor.
2007-02-07 17:46:37 · answer #3 · answered by jseah114 6 · 1⤊ 0⤋
Yes, even thought they did not report it to the IRS you are responsible for reporting it and paying taxes on it. If you are ever audited you will have to pay the taxes, penalties and interest. I'd rather pay the tax only. You decide
2007-02-07 17:45:47 · answer #4 · answered by wineduchess 6 · 2⤊ 0⤋
yes any thing over $400 dollars has to be filed if they didnt send u a 1099 contact the irs they will send you on and the company will get fined
2007-02-07 18:24:32 · answer #5 · answered by karen g 1 · 0⤊ 3⤋
They must report it, reagasrless of the amount. My BF business was recently audited by the government, and they cited him becasue he did not report wages for a kid he paid $68. to. He was told ANY amount must be reported.
That being said, if the company didn't report your wages, no need for you to either.
2007-02-07 17:51:40 · answer #6 · answered by melouofs 7 · 0⤊ 1⤋
If they don't report it, the IRS doesn't know about it. Understand?
2007-02-07 17:47:04 · answer #7 · answered by Anonymous · 0⤊ 3⤋