!099 for over $600 - per year or life time?
By coffeebreak
@coffeebreak (17797)
United States
April 3, 2011 1:03pm CST
I know that a company doesn't have to send you a 1099 unless you earn over $600, yet you are supposed to keep track of it and report it anyway on 1040 as earned income.
My question is this...after I report the $50 a year I earned in one year, and $65 I earned the next year and $80 I earned the following year, etc....I have noticed lately that many sites have a "year to date" option to choose to see what your payments have been for the past couple years. All added up, after 5 years...I am just now hitting $600 in total for all years earnings on this one site.
Question: Is this site going to NOW send me a 1099 for the $600 I earned over the last 5 years showing it like I earned $600 last year alone?
Anyone know about this? I would ask the site, but it takes so long to get an answer, then it is generic and usually doesn't answer my question so I have to ask again, etc. MyLOt eperts...what say you?
3 responses
@NIECIE21 (365)
• United States
3 Apr 11
No, you will only get the 1099 if you make the $600 in one year. You could make $599.99 a year and wouldnt get it. I always keep track of what I make from my sites and if its under the 600 then I know I will not get the paper work and I just do my taxes based off that. Hope this helps!
1 person likes this
@coffeebreak (17797)
• United States
4 Apr 11
Yes, thank you. I just wonder why this site (and others I notice) make a point of stating "lifetime" earnings.
@coffeebreak (17797)
• United States
4 Apr 11
Cumulative. That is the word I was looking for. Good to know this. I just wonder why this site makes a point of specifically stating lifetime earnings.
@hardworkinggurl (37062)
• United States
4 Apr 11
Firstly I saw a discussion similar to this one (yours will not be considered duplicate) the idea is that anything posted on the internet can later give you havoc. So caution about listing earning.
You will not get a 1099 from a site unless you earned a full $600 that year alone. They will not send you a 1099 to cover past years. A site/business can only report to IRS what you earn the year before. Yes technically we are suppose to list what we earn. Legalistically we are only responsible in paying and or reporting $600 or more.
PM me if you have questions, regarding the previous discussion I read.
