Should I report or not???

Question

Jan 19, 2006, 06:44 PM

henryboy

New Member

Join Date: Jan 2006

Posts: 1

Should I report or not???

Hi experts,

I am a new employer, and I have one simple question about reporting 1099misc for one of my independent contractor.

Since the condition of Box 7 of 1099misc shows: "At lease $600 or more to report", so what if the amout of a fee paid is less than $600 ??? Does that mean I don't need to report/complete 1009misc for this indep. contractor???

thanks for the help,

henry

Answers

Jan 19, 2006, 07:29 PM	#2

AtlantaTaxExpert Senior Tax Expert Join Date: Feb 2005 Location: Atlanta, Georgia Posts: 13,322	Henry: That is correct. If you paid your independent contractor $599 or less, you do *not* have to originate a Foprm 1099-MISC for him.

Jan 19, 2006, 10:36 PM	#3

Fr_Chuck

Christianity Expert

Join Date: Nov 2005

Location: Georgia

Posts: 36,817

Quote:

Originally Posted by AtlantaTaxExpert

Henry:

That is correct. If you paid your independent contractor $599 or less, you do not have to originate a Foprm 1099-MISC for him.

I guess to add to the question if you don' mind, they don't have to, but CAN they ??? since it says 600 or more, if it was 300, can they still issue one.

Jan 19, 2006, 11:22 PM	#4

AtlantaTaxExpert Senior Tax Expert Join Date: Feb 2005 Location: Atlanta, Georgia Posts: 13,322	Fr Chuck: You can issue a Form 1099-MISC for $1 if you want to. The IRS will just data-entry the information against the recipient's SSN. The reason for the $600 cutoff is to cut down on the volume.



At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to: Get free answers from experts in any of our 300+ topics. Accept money for answers that you provide. Communicate privately with other members (PM). See fewer ads. Sign Up!