Reporting Income for tax purposes

[mbyron]

Originally Posted by aschramm

Wow,
I come to ask a simple question, since I've never had to do this before (1st year ump), and I get questioned about my ethics and integrity....thanks guys

Since your question boils down to, "can I cheat on my taxes and get away with it," you really shouldn't be surprised that people question your integrity.

[bob jenkins]

Originally Posted by mbyron

Since your question boils down to, "can I cheat on my taxes and get away with it," you really shouldn't be surprised that people question your integrity.

Given his apparent age, I don't think the question was "can I cheat" as much as it was "how do I do this?". at least, I'm willing to give him the benefit of the doubt, for now.

[mbyron]

Originally Posted by bob jenkins

Given his apparent age, I don't think the question was "can I cheat" as much as it was "how do I do this?". at least, I'm willing to give him the benefit of the doubt, for now.

Fair enough. The question about whether income can be "traced back by my SS number" sounds like he already knows it's reportable, which in turn suggests that the real question is "do you guys get away with this?"

[aschramm]

Originally Posted by mbyron

Fair enough. The question about whether income can be "traced back by my SS number" sounds like he already knows it's reportable, which in turn suggests that the real question is "do you guys get away with this?"

The reason I mentioned this one, is because I have heard people say that if you've earned under $500 from a particular school or source, that you do not have to worry about filing in regards to that (or heard comments similar to that). And since I only received 1 check that would have this info, it's definitely under the $500 amount.

To clarify again, in no way am I looking to cheat on taxes. I'm just curious as to what gets reported, etc.

[Adam]

If you make less than $600 from a single source (a school, for example), that source is not required to provide you with a 1099. The income is still reportable/taxable, however, even though you won't receive a 1099 for it. Other aggregate thresholds are applicable for whether your income is taxable, and that question belongs to a tax professional.