1029298
Had some work back in August as a Sales Associate for a start-up, but unfortunately me and the other contractor received the boot since the boss was going through a dry spell and couldn't close any cases (life settlement). I did some research online and I see that we're supposed to receive a 1099-MISC if we earn more than $600. Is this really required? Or is it okay to use the second option instead to report the income: https://i.imgur.com/fzeLS5Q.png
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Yes, the IRS requires that all employers provide a 1099-MISC to any individaul that they pay $600 or more to in a year.
If you know that your employer will not be providing you with a Form 1099-MISC than you may use your own records to report your self-employment on your tax return. The fact that you will not receieve a 1099-MISC does not releieve you from reporting the income you earned from that employer.
I understand, thank you.
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