- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
No, there's no limit. You report all the income you earned as a self-employed individual.
There is a certain
amount you have to make before you are issued (or issue) a 1099-MISC form however. You
must have made at least $600 or more before any 1099-MISC form is issued to
you. This is also true if you have to issue a 1099-MISC to somebody. You won't issue a form 1099-MISC unless you've paid the individual (or business) $600 or more.
Form 1099-MISC, Miscellaneous Income (per IRS regulations)
File this form for each person to whom you have paid during the year:
- at least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest;
- at least $600 in:
- rents;
- services performed by someone who is not your employee;
- prizes and awards;
- other income payments;
- medical and health care payments;
- crop insurance proceeds;
- cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish;
- generally, the cash paid from a notional principal contract to an individual, partnership, or estate;
- payments to an attorney; or
- any fishing boat proceeds,
In addition, use this form to report that you made direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment.