stacieka
- 74
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stacieka said:I don't know if I will receive one or not since I only recieved $400in commision plus the ss1 kit. I thought I reemembered seeing somewhere that the 1099 is for if you made $600 or more (I thin it was turbo tax) anyone know?
The minimum amount of money you need to make in order to receive a 1099 form is $600. This is the threshold set by the IRS for businesses and individuals to report income on a 1099 form.
Any income earned through self-employment, contract work, or freelance work is typically reported on a 1099 form. This can include income from services rendered, rental income, or investment income.
No, not every job will result in a 1099 form. Only businesses or individuals who have paid you at least $600 during the tax year are required to issue a 1099 form. It is still important to report all income, even if you do not receive a 1099 form for it.
If you believe you should have received a 1099 form for income you earned, but did not receive one, you should contact the payer and request that they issue one. If they fail to do so, you should still report the income on your tax return.
Yes, it is possible to receive a 1099 form for income less than $600. Some payers may choose to issue a 1099 form for any amount of income earned, while others may only issue one for income over $600. It is important to report all income, even if you do not receive a 1099 form for it.