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If I made less than $700 on 1099 misc do I still have to report it?

If I made less than $700 on a 1099 Misc do I still have to report it?

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3 Replies
Hal_Al
Level 15

If I made less than $700 on 1099 misc do I still have to report it?

Yes. All income is reportable, no matter how small the amount.  Income on an IRS document like a W-2 or 1099 is especially reportable because the IRS already know you got it and is expecting to see it on your tax return.

If I made less than $700 on 1099 misc do I still have to report it?

That is actually false you have to make atleast 600$ for you to be forced to claim it on taxes 

BrittanyS
Expert Alumni

If I made less than $700 on 1099 misc do I still have to report it?

It depends; businesses must issue a 1099 form to a taxpayer who has received at least $600 or more in non-employment compensation.  If you received a 1099, and the amount on the 1099 is $600 or greater, you will need to file a return to report the income.  If your amount is less than $600 and you do not have income higher than $12,950, you are not required to file for 2022.  

 

For more information on 1099s, see the link below:

 

The Difference between a 1099 and W-2

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