At Sat, 16 Nov 2024 10:08:05 -0800 "Stan Brown (using GC 4.14)" <stan...@fastmail.fm> wrote:
> > > > On 2024-11-16 06:31, Robert Heller wrote: > > At Sat, 16 Nov 2024 14:00:24 +0000 "Maf. King" <m...@chilwell.net> wrote: > > > >> Whats a 1099? is this something specific in the rules for the USA? > > > > Yes. It is a way for the IRS to track income > $999.99 that is not regular > > wages (which are tracked with W2s). Eg as a contractor I would invoice a > > client for jobs and if the invoices sum to $1,000.00 or more, the client > > would > > file a 1099 with the IRS (basically stating that they paid me $x for > > contract > > work) and send me a copy of the 1099. Also 1099's are used by banks when > > paying intrest > $999.99, and also pension funds (1099r), Same for stocks > > and > > bonds dividends/interest. A 1099 form is a form stating that money was paid > > as > > reportable income to a taxpayer. > > Where did you get $1,000? The minimum is $600 in any one year, not > $1,000, but if the client is a residence not a business then they would > not file a 1099. All that's actually in the URL you posted in your > follow-up: > <https://www.irs.gov/businesses/small-businesses-self-employed/am-i-required-to-file-a-form-1099-or-other-information-return> I misremembered. Sorry about that. > > (And if you withheld Federal income tax you must file a form 1099, > regardless of amount you paid.) > > However, > "You are not required to file information return(s) if any of the > "following situations apply: > "* You are not engaged in a trade or business. > "* You are engaged in a trade or business and > " **the payment was made to another business that is incorporated, > " but was not for medical or legal services or > " **the sum of all payments made to the person or unincorporated > " business is less than $600 in one tax year" > > For instance, if someone does more than $600 of handyman work at my > residence, and I'm not operating a business out of my house, I don't > need to file a 1099. (That's how I read the above, after asking in the > misc.taxes.moderated newsgroup.) > > Disclaimer: I am not a tax professional, and if you're not comfortable > reading the IRS website you may want to consult one. > > Stan Brown > Tehachapi, CA, USA > https://BrownMath.com > > > > -- Robert Heller -- Cell: 413-658-7953 GV: 978-633-5364 Deepwoods Software -- Custom Software Services http://www.deepsoft.com/ -- Linux Administration Services hel...@deepsoft.com -- Webhosting Services _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
