What's the IRS minimum compensation amount needed to issue a 1099-Misc in 2007?

bpcombs · #1 (**permalink**) 07-07-2007, 02:28 PM

I know the minimum amount for 2006 were $600 but, what are the limits for 2007?

Thx..

TaxGuru · #2 (**permalink**) 08-29-2008, 05:57 AM

The minimum amount needed to issue a 1099-Misc in 2007 is also $600. The IRS has not changed this amount from prior years.

The IRS requires that employers who pay independent contractors amounts that exceed $600 to issue them a 1099-Misc to them.

In addition, the employers are required to send a copy of of every 1099-Misc issued to independent contractors along with a "Form 1096 Annual Transmittal Form" to the IRS as well.