In article <4043632F.1F7BF971[at]BCPL.net> , George Nuetzel
<joanngeo[at]BCPL.net> wrote:

- quote -

Of course they don't. If they had a staff full of rocket scientists,
they would have to pay rocket scientist wages to keep them. When
you pay $8 per hour, you get $8 per hour people most of the time.
Expecting anything else would be unrealistic.

- quote -

Of course you have to pay tax on it. Just because it isn't reported
doesn't mean that it isn't taxable income.

- quote -

Other 1099's have similar rules. For example, the 1099-Misc
doesn't need to be sent if the annual total is less than $600.

- quote -

The tax code has hundreds of thousands of pages, so there is no way
that the 1040 booklet could cover everything. Again, expecting
otherwise is unrealistic.

-john-

--
================================================== ==================
John A. Weeks III 952-432-2708 john[at]johnweeks.com
Newave Communications http://www.johnweeks.com
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I didn't receive a 1099-INT for a checking account at my bank. I
stopped in the bank to find out why I didn't get one. (First, keep in
mind this bank does not employ the smartest people in the world). They
told me since the interest was under $10, they do not have to report it,
and therefore I don't have to pay taxes on it.

I immediately got in touch with the IRS to verify this information. The
bank had it partially right; they still have to submit it to IRS and
they are not required to mail a copy to me if it is under $10. And,
yes, I do have to pay taxes on it. I asked how long this rule has been
in effect and was told it has been in place for some time.
Unfortunately, the 1040 form/booklet does not mention this.

To verify this, go to:

http://www.irs.gov/pub/irs-pdf/i1099gi3.pdf

Look at page 16.

George