what would be the chances of getting caught if i was told to fill out a W9 for work that i was only goin to make $260 on. would they report that to the IRS or not at the end of the year. I know it would be stupid to take a chance anyways and im not goin to, but what do you think the chances of getting caught for a one time thing that i didnt report to UNEMPLOYMENT
2007-08-06 19:32:51 · 3 answers · asked by mj 2 in Business & Finance ➔ Taxes ➔ United States
They don't need to give you a 1099 if it is under $600 but they might just send them to everyone.
Banks only have to send 1099s for over $10 but every bank I have used sent them even if you only made a penny.
2007-08-06 19:38:22 · answer #1 · answered by shipwreck 7 · 0⤊ 1⤋
Your chances of getting caught are virtually 100%. If not now it will happen later. You'll be required to pay back the unemployment and possibly will be barred from claiming unemployment in the future. Prosecution for fraud is also possible.
2007-08-07 07:36:39 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Thanks to computer matching I have seen people caught up for less than a hundred dollars. Of course they got free room and board for 18 months so it might be worth it.
2007-08-07 09:26:05 · answer #3 · answered by acmeraven 7 · 0⤊ 0⤋