rshill33
New Member

Tax Year Prior to 2020: Do I have to report income under $600??

My husband gave a standardized test and only made $250. He did not receive a 1099-MISC form. However, with the check it stated that that the above amount $125 would be reported to Internal Revenue Service on magnetic tape. So, should we report it as other income??

DS30
New Member

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Yes, unless the income is considered a gift, you need to report all income that is subject to US taxation on your tax return. The $600 limit is just the IRS requirement for Form 1099-MISC to be considered necessary to file by the payer.

You will report this income as other miscellaneous income on line 21 of your 1040. This income will not be subject to self-employment taxes.

To enter your other income as other miscellaneous income:

  1. Click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
  2. Next click on “Wages and Income”
  3. Next click on "jump to full list" or “I’ll choose what I work on”
  4. Scroll down the screen until to come to the section “Less Common Income”
  5. Choose "show more", then Miscellaneous Income
  6. Choose "Other Reportable Income" and enter this information here under other taxable income (screenshot)


asa270
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Can I count expenses for the online teaching job in my taxes? (ex. new lamp, printer, index cards, markers, dry erase boards, etc)?
STC76
New Member

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Does a minor have to report money earned under $600.00?

JulieC14
Expert Alumni

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@STC76  If the income the minor received was from self-employment income, a minor needs to report NET self-employment income that is $400 or more.   See more information here on whether a minor needs to file a tax return:  Do I need to file my own taxes if I'm a dependent? - Community

 

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Do i need to file if i made under $600 with a 1099-MISC? 

MinhT1
Expert Alumni

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Yes, if you are required to file a tax return, you have to report ALL income, whatever the amount, including self-employment income under $600.

 

Note that the $600 is a threshold below which a payer is not required to issue a form 1099-MISC, but the recipient of the income must report it (even for less than $600).

 

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This is my first time filing taxes. I just turned 18, how do i report it then?

 

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my only income was that $570 i made and i don’t work for the small business anymore. 

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@sleoniak123 wrote:

my only income was that $570 i made and i don’t work for the small business anymore. 


Yes, you have to report all of your income, even if you do not receive a tax reporting statement, unless your total income is below the filing threshold.

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how do i report it then? Sorry

High School didn’t teach me this 😭

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@sleoniak123 wrote:

how do i report it then? Sorry

High School didn’t teach me this 😭


Visit the web site below, first, and see if you are required to file a return.

 

https://www.irs.gov/help/ita/do-i-need-to-file-a-tax-return

Mari M
New Member

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I made $552 for a freelance job. 

I read from this thread that I need to report it on the miscellaneous income line 21 on 1040. But, do I still need to submit the 1099-MISc form separately - in addition to? 

 

Thanks!

 

 

JamesG1
Expert Alumni

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The income will be reported after you enter the 1099-Misc into the TurboTax software.

 

1099-Misc income can be directed to different places on the tax return.

 

The general rule is that 1099-Misc box 7 income is directed to self-employment income, probably generating a self-employment tax and a qualified business income deduction.  

 

See this TurboTax Help.

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@Mari M wrote:

But, do I still need to submit the 1099-MISc form separately - in addition to?


You do not have to submit a copy to the federal government. Some states do require submission, however.