02-04-2014 06:49 AM
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?
02-06-2014 07:41 PM
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.
All tax advice is general. Please consult with a tax pro to receive advice specific to your tax situation.
02-10-2014 09:45 PM
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!!!
03-01-2016 12:08 PM
I heard that you don't have to claim any income less than $600 for a 1099 Misc. It's all over the internet and my tax consultant have told me that, but I got paid $235 stipend for coaching little kids last year and received a 1099 Misc form this year. Should I claim it or not? It's not even close to $600.
03-01-2016 12:39 PM
welcome to the community.
Yes, you should claim all worldwide income subject to tax on your tax return.
Who ever made the post on the internet is sadly mistaken and giving false information to people.
The $600 is a requirement of the payor. if you earn $600 or more, the payor is required to send a 1099Misc to you and to the IRS.
Your books would be used to complete your tax return.
Sr. Tax Consultant