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Old Mon Jul 07, 2008, 10:27am
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Quote:
Originally Posted by BigUmp56
Rich,

It's my understanding that if our pay doesn't reach $600 we need not report this as income on a 1099.


Tim.

Tim:

Rich is correct. A 1099 is only generated when one (1) entity pays another entity $600 or more in a given tax year. He is also correct that in the immortal words of Yogi Berra, late of AFLAC commercials, that a gift certificate is the same as "cash which is just as good as money."

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