If I made less than $700 on 1099 misc do I still have to report it?

If I made less than $700 on a 1099 Misc do I still have to report it?

Hal_Al
Level 15

Get your taxes done using TurboTax

Yes. All income is reportable, no matter how small the amount.  Income on an IRS document like a W-2 or 1099 is especially reportable because the IRS already know you got it and is expecting to see it on your tax return.

Get your taxes done using TurboTax

That is actually false you have to make atleast 600$ for you to be forced to claim it on taxes 

BrittanyS
Expert Alumni

Get your taxes done using TurboTax

It depends; businesses must issue a 1099 form to a taxpayer who has received at least $600 or more in non-employment compensation.  If you received a 1099, and the amount on the 1099 is $600 or greater, you will need to file a return to report the income.  If your amount is less than $600 and you do not have income higher than $12,950, you are not required to file for 2022.  

 

For more information on 1099s, see the link below:

 

The Difference between a 1099 and W-2

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"