Do you have to report 1099 income under 600?

+1 vote
asked Dec 11, 2018 in Other-Finance by Margarner (240 points)
Do you have to report 1099 income under 600?

1 Answer

0 votes
answered Dec 12, 2018 by Minty (141,500 points)
Unless the income was a gift then yes you do need to report the 1099 income if under $600.00

The $600.00 limit is just the requirement by the IRS for Form 1099 MISC to be considered necessary to file income taxes by the payer.

So basically if you've earned or are earning less than $600.00 per month then you don't need to file income tax but if you're earning more than $12,000.00 per year then you do need to file and pay income taxes.

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