@claabe wrote:
Not true on reporting all income without a 1099. Almost 20 years of this work...
been audited twice by IRS, I have never reported any income under $600.
No 1099, not on my taxes !!
@claabe wrote:
Not talking about houses, cars, etc.
It is not a "risk", if you abide by the less then $600.
I had conversations with the auditors about it (when I was audited).
@luckygirl0100 wrote:
@claabe wrote:
If I remember correctly it used to be (and I'm not 100% sure on this, heard about it but never verified)
If you earned less than $600 TOTAL for the entire year you did not have report the income.
I heard that also...
For example.. If I make $ 300 for Market Force and $ 301 for See Level I do not have report it? Even though it is over $ 600 total but less then $ 600 for each MSC?
@mystery2me wrote:
Legally, all business income must be reported unless the total of all profit is less than $400. So, if your profit is less than $400 for all MSCs, then it is true you don't have to report the income. But if you get any 1099s from even one MSC, it still is a good idea to report to income so as to claim your deductions and not get automatically taxed on the gross amount. And if you report income from even one 1099, you have to report the rest of the income even if it is under $600.
@Isaiah4031a wrote:
@luckygirl0100 wrote:
@claabe wrote:
If I remember correctly it used to be (and I'm not 100% sure on this, heard about it but never verified)
If you earned less than $600 TOTAL for the entire year you did not have report the income.
I heard that also...
For example.. If I make $ 300 for Market Force and $ 301 for See Level I do not have report it? Even though it is over $ 600 total but less then $ 600 for each MSC?
No, in your example you would be over the threshold. (Although someone corrected me & the amount is $400) but that would be a total of every single penny taken in from each company totaled up.
@mystery2me wrote:
Legally, all business income must be reported unless the total of all profit is less than $400. So, if your profit is less than $400 for all MSCs, then it is true you don't have to report the income. But if you get any 1099s from even one MSC, it still is a good idea to report to income so as to claim your deductions and not get automatically taxed on the gross amount. And if you report income from even one 1099, you have to report the rest of the income even if it is under $600.
@Paula7928 wrote:
My friend who also mystery shops has double reported income. The MSC gave a 1099 and that income is also in her Paypal 1099. She has not figured out how to deal with this yet.
@PSE wrote:
I'm afraid to file without the 1099. I enter all the 1099s, then lump all the other companies together as additional income. If Ipsos actually issued a 1099 and it was lost in the mail or something, it would look like I failed to report that income. If the IRS questioned it, I could point out that it was included in my additional income category, but I don't want to get any questions from them!