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    FisherPF2's Avatar
    FisherPF2 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Oct 10, 2007, 08:10 AM
    1099 Misc
    When doing work for a company at home as a subcontractor where I would be receiving a 1099 from that company, if my total income from that company is less than $600 for the year, do I still need to claim the amount I earned as income on my tax return?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Oct 10, 2007, 08:33 AM
    If they file a 1099 Yes.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Oct 12, 2007, 10:10 AM
    Yes, you need to claim the income on Schedule C.

    However, you will probably pay NO taxes because your expenses will probably completely offset the income.

    In fact, it is likely that your legitimate expenses will EXCEED your income, generating a loss that can reduce your OTHER taxable income and thus produce some tax savings.

    For further discussion, contact me at the email address below.
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