IRS and 1099 forms from multiple companied

If I dont make $600/company and I'm registered to 5 different companies, do I have to report it on income taxes?

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Yes. All income must be reported from all companies, no matter how much (or how little) you earn from each of them.

Report MS income and expenses all on ONE Schedule C and file that with your regular Schedule 1040.

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Think about it this way. If you were registered with 100 companies and made $599 from each it would total almost $60,000 for the year. Does it seem realistic it would all be tax free?

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It does not seem realistic but I will bet that there are people that have tried due to living in there own fantasy world.

@LisaSTL wrote:

Think about it this way. If you were registered with 100 companies and made $599 from each it would total almost $60,000 for the year. Does it seem realistic it would all be tax free?

Edited 1 time(s). Last edit at 11/15/2018 04:01PM by 2stepps.

I wondered about this as well. I keep my MSing to one company and mostly reimbursements. I always make under $150 in cash pay, and never report it. Hopefully that's all A-OK and I don't get in trouble!

While it's an absolute fact that you PROBABLY will never get caught, it's also a fact that you're SUPPOSED to report all income.

However, I think you're good to go, because there's like an exemption -- although they don't call it that, exactly -- of the first $400 of income.

If you printed off the forms, when you get to the part where you've figured your income, it says something like "if the amount on line 72 is less than $400, stop here. You do not need to report this." (Not precisely, but that's the general gist of it.)

The MSC I use doesn't ask for my SS# due to the low amount that I make in cash pay. If I needed to report it at all, I just wouldn't bother with cash pay shops and just stick to my restaurant reimbursements. I shall think about this

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IRS and 1099 forms from multiple companied

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