Welcome, Guest. Register Now!
   
Veiw New Posts View Todays Posts


» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 
Financial Planning
 
US Presidential Tax Policies
 
 
 



View Single Post
  #2 (permalink)  
Old 02-14-2008, 11:59 AM
TaxGuru TaxGuru is offline
Super Moderator
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 1,043
Blog Entries: 2
Do you have to report Income even if you did not get a 1099-Misc?

Yes, the IRS requires that you report the 1099-Misc even if it was less than $600 and you did not get a 1099-Misc.

The income earned from whatever sources is reportable income and failure to report this income would subject you to the various penalties and interest that are applicable to omission of income.

So, I would recommend that you report this income as miscellaneous income subject to S/E tax.
__________________
Ask TaxGuru
Please refer to the legal disclaimer.
Reply With Quote