Do I have to claim 1099 income if under $600?

Bab
Bab Member Posts: 2 Newcomer
edited December 2024 in Income

do I have to claim 1099 income if under $600?

Tagged:
· Share on Twitter

Answers

  • CorinaE
    CorinaE FreeTaxUSA Agent Posts: 23

    In general, you should always report all income forms you received on your tax return.

    There are different types of 1099 forms you may be reporting. How you report it and the rules for that type of income are specific to the 1099 you receive (1099-NEC, 1099-MISC, 1099-K, etc) and what activities you participated in to generate the income.

    The $600 threshold that you refer to may come from the IRS requirements for TPSOs (which includes popular payment apps and online marketplaces) to report 1099-K forms to the IRS and the user when their transactions meet/exceed the $600 threshold for the year. (We may see this threshold change for 2024). This threshold is simply a requirement for the company to issue you a form and does not indicate whether the income needs to be reported on your tax return or not.

    · Share on Twitter

Categories