Do myLot earnings need to be reported for taxes?

@ugachaka (297)
United States
January 15, 2007 4:06pm CST
I'm sure that technically they need to be claimed and most people probably never do. To be honest, I wouldn't even know the first step to reporting them.
3 people like this
6 responses
@lauriefnp (5112)
• United States
15 Jan 07
I hadn't thought about this... I guess that technically they would have to be reported, but we aren't getting a 1099 form, so I don't know. I can't remember using my social security number when I signed up- do you? If not, how could the government even trace it as income? Unless it is via PayPal- I'll bet they have a way to report income. I'll be interested to hear what everybody thinks about this.
@imnutz (288)
• United States
16 Jan 07
I agree that you do have to pay tax on this income and that is even if you do not get a 1099 in the mail. The laws on the 1099 set a minimum amount that must be met in order for one to be required to be sent. I would guess they are contacting people who have made over that number and getting the information from them.
• United States
16 Jan 07
Technically they should definitely be reported, even if under $300. Also, technically, MyLot is supposed to have the SS #'s of anyone that they pay over $300 in a year to also. In order to do this you would get a 1099 Form from MyLot (I believe that's the number) and it gets listed as "Self Employed". The bad part about doing this is that once you put that money down, if takes you over to a new tax bracket (not because it's so much money, but because perhaps you only need a few hundred to pop you up a bracket) then you're going to be taxed much higher than before and probably your smartest move would be to do long form and take deductions for expenses to run your own business (which would include a percentage of your entire costs for your house if you do MyLot from there). Tax people would tell you all of the above. SOME people feel that as long as MyLot doesn't have a SS # then why bother. But that's illegal, we all know.. and NONE of us want to be ILLEGAL.. right? *GRIN*
@kyle930 (764)
• United States
16 Jan 07
Im not sure but i think that for it to need to be reported it must be greater than six hundred dollars earned in one year.
• United States
16 Jan 07
like everyone else was saying, they didn't ask for social security, then for there is no way to report who earned what, etc. I wouldn't have signed up had they asked for our SSN. Its safe to say though you probably wouldn't earn enough here in a year to have to worry about the taxing of it anyway.
@magikrose (5424)
• United States
16 Jan 07
I had lookind into a home based business last year at tax time and when we went to get out taxes done I asked what the minimum was for someone to work from home and not be taxed. In Connecticut USA the amount was $400 a year and not have to pay taxes at all. Considering I didnt make $100 last year from mylot i am safe but if I keep posting like I plan on doing I might have to report it. The thing is none of us gave out social security numbers and we are not getting 1099's from mylot so I dont think it will be considered as substancial legit income.
• United States
16 Jan 07
I don't think so, but I would double check just to be on the safe side. For me I don't have to worry about that anyway until next year. I just started this site a couple of days ago. Which runs me into this year not last year. LOL