Solved: Is there a minimum amount that has to be claimed as miscellaneous income? My 1099-misc has 760 listed as nonemployee compensation
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Is there a minimum amount that has to be claimed as miscellaneous income? My 1099-misc has 760 listed as nonemployee compensation

 
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New Member

Is there a minimum amount that has to be claimed as miscellaneous income? My 1099-misc has 760 listed as nonemployee compensation

All of your income needs to be reported if you have to file a tax return.  The limits on 1099-MISC income refer to whether the company where you worked had to issue you a 1099 and whether you have to pay Self-Employment taxes on the income.  You not only have to report the income, you need to pay self-employment tax (medicare and social security) on any amount over $400.

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New Member

Is there a minimum amount that has to be claimed as miscellaneous income? My 1099-misc has 760 listed as nonemployee compensation

All of your income needs to be reported if you have to file a tax return.  The limits on 1099-MISC income refer to whether the company where you worked had to issue you a 1099 and whether you have to pay Self-Employment taxes on the income.  You not only have to report the income, you need to pay self-employment tax (medicare and social security) on any amount over $400.

View solution in original post

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