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mmyg637
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1099 Under $600 post #1  quote:



Do I need to report income under $600? I know my employer did not need to send me a 1099 for that reason.

Old Post 04-14-2005 07:49 PM
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Ken NJ
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Do Bears Crap In The Woods, Even Though Didn't Get 1099? post #2  quote:

You need to have more than $4,850 before you are required to file a tax return if you are not married nor claimed as a dependent. The amounts are even higher if you are married. Otherwise, the miniscule tax (10% to 28%) amounts to about $100 bucks only, so why play games?
    1. You need NOT file nor report generally that small amount under $600 if you have no other income nor compensation for the year.

    2. You also need NOT file nor report that small amount under $600 if you have no income more than your earned compensation greater than $850 in a W-2, if you somehow have a large savings for that 1099 of unearned income.

    3. You should file if you had income tax withheld from your pay to get a refund.

    4. You should also file if you are entitled to earned income credit.

    5. You should likely file for the additional child tax credit


    *http://www.irs.gov/publications/p501/ar02.html#d0e632 .


Old Post 04-16-2005 01:00 PM
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mmyg637
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post #3  quote:

I am a freelancer and cumulatively, I earned more than the $600 - which was from one source.

Old Post 04-16-2005 02:10 PM
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Ken NJ
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So Goes The Moral Of The Story: Business Ethics post #4  quote:

Then the obvious and correct answer is to include and report any small amounts of freelance income received to your gross income for the year.

At first, I wasn't EXACTLY certain with the direction of the question. Thanks for your clarification.

I have seen freelancers whom started off doing so well until a series of smaller mistakes cumulatively took their careers down. Those who have the longest staying power are the ones that are on the up and up.


Old Post 04-16-2005 06:24 PM
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