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bafionis
New Member

Do I have to declare a $642,00 1099-MISC

My wife is yoga instructor and received a 1099-MISC for $642,00.
We file our taxes together. Do I have to include this in our taxes since it is less than $1000,00?
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Accepted Solutions
VolvoGirl
Level 15

Do I have to declare a $642,00 1099-MISC

Yes since it's over $400.  You must report all you income no matter how small.  Even $1 of bank interest you don't get a 1099Int for.  The IRS gets copies of all the W2s and 1099s and will be expecting to see it on your return.  You owe Self Employment tax on anything over $400.

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1 Reply
VolvoGirl
Level 15

Do I have to declare a $642,00 1099-MISC

Yes since it's over $400.  You must report all you income no matter how small.  Even $1 of bank interest you don't get a 1099Int for.  The IRS gets copies of all the W2s and 1099s and will be expecting to see it on your return.  You owe Self Employment tax on anything over $400.

View solution in original post

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