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You can get all kinds of free assistance based on your income. No one here c an really give you filing advice, think they will be there if the advice is faulty?
I'm asking because I've been reading that I don't need to file it since it's less than $600.
Correct: If your total 1099s are less that $600 you do NOT need to report it.
And regarding the question about 'how much would an audit cost'. The IRS asks that question too, and consequently do not audit anyone that recieves a 1099 for $12.
70% of the taxpaying population is not important enough and/or does it have a net worth that is high enough to warrant an audit. The system and tax code is designed that way, to ensure that when the IRS does audit, their resources are being expended to recover money.
If the entity did NOT send the 1099, I would have answered differently.
But...
Since the entity sent the 1099, it will be there for the IRS to look for. Not claiming it can make it seem like the OP is hiding other things too.
Quote:
Originally Posted by Skydive Outlaw
The system and tax code is designed that way, to ensure that when the IRS does audit, their resources are being expended to recover money.
We have no idea of the rest of the OP's tax situation, income, etc. So saying they cannot get audited is incorrect.
We were audited and ended up with a credit. They expended their resources and did NOT recover money.
Correct: If your total 1099s are less that $600 you do NOT need to report it.
And regarding the question about 'how much would an audit cost'. The IRS asks that question too, and consequently do not audit anyone that recieves a 1099 for $12.
70% of the taxpaying population is not important enough and/or does it have a net worth that is high enough to warrant an audit. The system and tax code is designed that way, to ensure that when the IRS does audit, their resources are being expended to recover money.
Incorrect. The $600 threshold is for issuing a 1099-MISC, not for reporting income.
My 1099-MISC (royalties from music sales) is only about $12. Do I need to file this in my federal tax return?
It's not ideal, because without this form, I can file via TurboTax, but if I need to file it, I have to pay $50 for TurboTax Deluxe...
You know what I would do? I would enter $12 on line 21 "other income". If TurboTax allows you to enter a description, you can put "music royalties". It's not really the correct spot, but you will still have reported all income.
You know what I would do? I would enter $12 on line 21 "other income". If TurboTax allows you to enter a description, you can put "music royalties". It's not really the correct spot, but you will still have reported all income.
^best answer
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