The Tax Questions Blog

Question: 1099-MISC for 2008 - Total income $500?

Hi,

I worked for a company as a contractor for short time. In 2008, I got $500 check from the company for my work. That's the only check I got and I only earned $500 in 2008. I haven't received 1099-MISC from the employer and I tried to contact, but no response. I heard from friend that if the income is less than $600, the employer is not required to send 1099-MISC. So, if that's true, how do I report $500 income to IRS? Where do I get employer's tax id?

Please help. Thank you

Answer: Your friend is correct that the company will most likely not send you a 1099-MISC. They are not required to unless they pay you $600 or more.

You will not need the employer's tax id as you will need to put that $500 of income onto a Schedule C, showing Self Employment Income. The top of the tax form will tell the IRS exactly what kind of work you did, and what type of expenses you may have listed (if any).

And you will have a Schedule SE, calculating Self-Employment Tax, to see if you will be paying in social security and medicare taxes on your income.

Hope this helps,
Shannon C

Value in MLP Tax Structure

Wunderlich Securities Senior Analyst Ethan Bellamy is another success story in a considerable line of exceptional MLP analysts. He focuses on about 15 MLP names, including a number of closed-end funds.

NBR | Tax Tip #7 Tax Year 2009 - The 1099 Mine Field | PBS

Related posts

• Sorry, no related posts at this time.