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BERNARDL
New Member

IS THERE A MINIMUM AMOUNT FOR 1099-NEC? I ONLY MADE $375

 
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1 Reply
MinhT1
Expert Alumni

IS THERE A MINIMUM AMOUNT FOR 1099-NEC? I ONLY MADE $375

Generally, you will receive a form 1099-NEC if you made more than $600 from the same client in the tax year.

 

However if you made less or you did not receive a form 1099-NEC, you are required to report all income, however small. Self-employment income of less than $400 is not subject to self-employment tax.

 

You report the income you received in cash, checks or bank transfers or without a 1099-NEC as self-employed income under Other self-employed income.

  1. In business income, just under Type of Income, click on Add Income for this work
  2. On the next page, click on the radio button next to Other Self-employed Income
  3. Click Continue to enter your income received in cash, checks or bank transfers or without a form 1099-NEC.

If you have expenses related to this business, you can deduct them.

 

 

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