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1099 Question

February 10, 2014 06:52PM
Does anyone know if the 1099 $600 threshold covers amounts earned in a given year or is it for amounts actually paid?

I performed shops in 2013 where commissions exceeded $600, but the payments I received in 2013 were less than $600. The rest of the payments were received in January and February.
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More About Mystery Shopping Taxes
February 10, 2014 06:59PM
It should cover amounts paid within 2013. The money earned in 2013 that was not paid until 2014 will be reported as 2014 income.
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February 10, 2014 07:20PM
Thanks AustinMom - I was waiting on a particular MSC to send a 1099. Now I know why they haven't.
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February 11, 2014 05:49PM
Yes, you only are required to get a 1099-MISC form for payments received in calendar year 2013. (That includes reimbursements, bonuses, any money they paid you period.)

However, a 1099-MISC is NOT needed to file taxes, even if you thing you are getting one. You MUST report ALL income, even if you didn't get a 1099-MISC for the income.
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