A community of 30,000 US Transcriptionist serving Medical Transcription Industry


if income is less than $600 as an IC do you have to claim it on your taxes??? nm - anon


Posted: Jan 25, 2010

nm

you should report your income - even if a payor does not have to

[ In Reply To ..]
If you are truly an IC and expect 1099s to report your income, you should report all of it. Example, say you earned $500 at 10 different places through the year - would you short your income by $5k because it was under $600 at each place? Remember that you can't pay into SS if your reported income is less actual earnings.

not the OP, but does the OP mean .. - sm

[ In Reply To ..]
an income of $600.-- per month or per year?

per year from per any income source - it adds up

[ In Reply To ..]
If you earn $620 from one source, $14k from a second and $300 from a third, you should still report all three incomes. The requirement to issue or not issue a 1099 by the payor on income less than $600/year is the responsibility of the payor and should always be reported by the person earning the income.

Yes. You have to report all your income regardless of how much - or little. The OP is right about 1099s. nm

[ In Reply To ..]
nm

reporting income - MTing

[ In Reply To ..]
My CPA told me that anything under $600 does not have to be assigned a 1099 and does not have to be reported. If a 1099 is issued though you must report it.

Net earnings greater than $400 for the year (from all sources) - must be reported. nm

[ In Reply To ..]
nm

Yes, you do. Here's a link to help you - sm

[ In Reply To ..]
http://www.ssa.gov/pubs/10022.html

Income less than $600 - Jean

[ In Reply To ..]
If your income for all year is below $600, you don't have to file a return. If you are married, you should report the $600 on a joint return.

Income less than $600 - BH

[ In Reply To ..]
IRS told me you don't have to report if you made $400 or less.


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