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??
You'll need to sign in or create an account to connect with an expert.
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:
Does a minor have to report money earned under $600.00?
@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
Do i need to file if i made under $600 with a 1099-MISC?
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).
This is my first time filing taxes. I just turned 18, how do i report it then?
my only income was that $570 i made and i don’t work for the small business anymore.
@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.
how do i report it then? Sorry
High School didn’t teach me this 😭
@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.
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!
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.
@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.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
beyondax7
New Member
afbarksd
Level 1
jessycarrillo202
New Member
info126
New Member
CI Guy
Level 2
in Education