<*)))))> <{ wrote:

- quote -

But you should pay some tax, and that tax is self employment
tax, since you were self employed for this job.

- quote -

The 600$ threshold still exists for filing 1099-misc, so you
may not get one; or you may, depending on policy.
Nevertheless, don't forget to file a 1040 and schedule c-ez
and se.

ChEAr$,
Harlan Lunsford, EA n LA

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"Bob Sandler" <bob_usenet[at]yahoo.com> wrote:

- quote -

OP is required to file because of self-employment income
over $400. In fact, unless there are enough Schedule C
expenses, OP will owe some self-employment tax.

--
Phil Marti
Clarksburg, MD

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- quote -

He does not have to send you a 1099. The minimum is $600. If
you do file a tax return, even though you are not required
to, you have to report the income even if you don't get a
1099 for it.

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<*)))))> <{ wrote:

- quote -

The attorney is not required to issue a 1099-MISC if the
amount is less than $600. However, this does not mean that
you don't report the income or pay tax. You are not an
employee, you are self-employed, and must file Schedule C
and SE to report this income if the net amount is greater
than $400. Even if you do not owe income tax, you WILL owe
SE tax (15.3% of the ($535 x .9235)) or about $76.

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"<*)))))> <{" <Fishy[at]Ocean.Net> wrote:

- quote -

The payer doesn't need to issue a 1099 to you because you
received less than $600. You, however, must report it on
your tax return. If you had any expenses related to the
$535, then you should take a look at Schedule C-EZ or the
full Schedule C.

Gary

--
The above address is fake. If you want to contact me
directly, please send an e-mail to: gary at gdgoodman dot com.

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"<*)))))> <{" <Fishy[at]Ocean.Net> writes:

- quote -

Why aren't you paying any taxes? If you had no expenses to
offset against that $535, you had over $400 in
self-employment income and so have some self-employment tax
to pay, even if you have no income tax.

- quote -

I believe it is $600. However, just because he doesn't need
to send you one doesn't mean that you don't have to account
for what you were paid.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

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Fishy[at]Ocean.Net (<*)))))> <{) posted:

- quote -

The important fact is that you received $535 in 2005 "self
employment" income, as a sub-contractor for that attorney.
Assuming you had no expenses to deduct, you would have net
earnings of $494 reportable on schedule SE, on which taxes
would be due at the rate of .153 -- with a 50% of the $76
result ($38) adjustment to income.

Oh, btw, that $76 self-employment tax is a below-the-line
add-on (line 58 on the 1040), payable no matter what
deductions and credits you had above that point. On the
other hand, you _might_ be eligible for EIC .. but that's a
whole 'nother question.

Of course, you'll want to report that whether or not the
attorney sends you a 1099, won't you? :-)

Bill

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"<*)))))> <{" <Fishy[at]Ocean.Net> wrote:

- quote -

The threshold is under $600.00 for 1099 to be issued however
it is still income that needs to be reported on your taxes.
That threshold is $0.50.

Regards,

Mark

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"<*)))))> <{" <Fishy[at]Ocean.Net> wrote
- quote -

$600. But he can issue a 1099 for a lesser amount if he so
chooses.

--
Paul Thomas, CPA
paulthomascpapc[at]bellsouth.net

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"<*)))))> <{" <Fishy[at]Ocean.Net> wrote:

- quote -

No, but that's the attorney's concern, not yours. Whether
or not you get a 1099 doesn't affect your return. You just
report your income and any deductible expenses on your
schedule C. You will owe a small amount of self-employment
tax.

- quote -

There still is. $600

--
Phil Marti
Clarksburg, MD

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OK, here goes. I earned $535 in 2005. It was for doing
some research for an attorney. I'm in school full time.
I'm filing my tax return anyway just to have a record of
having filed; but of course, I'm not paying any taxes.

Does the attorney need to issue me a 1099-Misc? There used
to be a minimum amount, below which 1099's weren't needed.

Thanks.

<*)))))> <{
Fishy[at]Ocean.Net

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