Your Job

Reply
Member
wind_ryder
Posts: 1
Registered: ‎02-04-2014

1099 MISC

I was just wanting to know if there was a minimum dollar amount to make that you had to claim on a 1099 MISC?  I recently self published a kindle book and have had under $15.00 in sales.  Do I have to list it?  Can I file now or should I wait and see if I get a 1099? 

Associate
MichaelS
Posts: 33
Registered: ‎02-04-2014

Re: 1099 MISC

It may not worth it to file with the extra $15 of income.

Associate
AndrewF
Posts: 541
Registered: ‎01-20-2014

Re: 1099 MISC

If you were expecting to be paid on a 1099-MISC, I would wait until the form arrives so you report the correct amount.

 

If you were not paid last year, you would not have income to report last year unless you choose to be an accrual-basis taxpayer.  Most people record their income on a cash basis, that is when the check arrives.

 

The IRS rule is that all income must be reported unless they say that particular type of income is not taxable. 

Tax Specialist I and Brevet Assistant Manager, Downtown Plaza H&R Block
All tax advice is general. Please consult with a tax pro to receive advice specific to your tax situation.
Associate
CYCLIST
Posts: 138
Registered: ‎01-31-2014

Re: 1099 MISC

Most places will not bother to issue a 1099-Misc for $15.   I would not wait on one.   You are legally required to

report ALL income (including that $15).  For such a small amount I would not get into a Schedule C for self employment.

I easier way would be to report $15 as other income.  There would be no SE tax on such an amount and you would be

meeting the IRS requirement to report all income.

 

Good Luck in your self employment endeavor.....hopefully you will have much more to report next year!!!