Do I need to claim under $600 on a 1099?

I was an independent consultant and only made $410.00.  If I do not claim it can I still claim all the expenses I incurred while consulting?
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    Yes you might get a 1099Misc for less than $600.  And you might not even get one for more than $600.  But you have to report all your income anyway.


    You need to report all your income even if you don't get a 1099Misc. You use your own records. You are considered self employed and have to fill out a schedule C for business income. Enter it under…..
    Federal Taxes Tab
    Wages & Income
    Choose Explore on my own (if it comes up)
    Then scroll way down to Business Items
    Business Income and Expenses - Click the Start or Update button

    You use your own name and ssn or business name and EIN if you have one. You should say you use the Cash Accounting Method and all income is at risk. After you put in your income and expenses if your net profit is $400 or more you will pay 13.3% for 2012 Self Employment tax in addition to your regular income tax. The Schedule SE will be automatically filled out for it.

    After it asks if you received any 1099Misc it will ask if you had any income not reported on a 1099Misc. You should be keeping your own records. Just go through the interview and answer the questions. Then you will enter your expenses.

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      You must claim all income, no matter how small. Doesn't matter whether you got a 1099 for it or not.
      • If you don't receive a 1099 for under 600$, then where do you claim that amount?
      • Under Business income and expense.
      • So the under 600$ rule applies to every company that will be sending out 1099's or is there a chance I still might receive one for my amount(358$)?
        Thank you!
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