[GNC] 1099's

[Robert Heller]

At Sat, 16 Nov 2024 10:40:26 -0600 R Losey <rlosey at gmail.com> wrote:

> 
> Thank you, Robert, for that information about 1099s. I am familiar with
> the 1099-INT and 1099-DIV, and 1099-R, but the the usage that the question
> is about.  Very helpful being on this list.
> 
> A question: If a contractor did three different jobs during the year, and
> ALL of the invoices were under $1,000 (but together they sum to over
> $1000), would a 1099 still need to be issued?

Yes, except that I mis-remembered the threshold.  It is $600, not $1000.  The 
reporting is based on the sum, not the individual invoices.

> 
> Oh, and I think there is an error in the comments about 1099-INT - I think
> banks send them for interest over $9.99, not $999.99.
> 
> 
> 
> On Sat, Nov 16, 2024 at 8:32 AM Robert Heller <heller at deepsoft.com> wrote:
> 
> > At Sat, 16 Nov 2024 14:00:24 +0000 "Maf. King" <maf at chilwell.net> wrote:
> >
> > >
> > > On Saturday, 16 November 2024 13:20:59 GMT halatch1008 via gnucash-user
> > wrote:
> > > > I still can Not find answer on how to select my Vendors to print a
> > list of
> > > > my Vendors who I need to send 1099's to.
> > >
> > > > Thanks,Heidi LatchSent from my
> > > > Verizon, Samsung Galaxy smartphone
> > >
> > >
> > >
> > > 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.
> >
> > >
> > > Maf.
> > >
> > >
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> >
> > --
> > Robert Heller             -- Cell: 413-658-7953 GV: 978-633-5364
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> 

-- 
Robert Heller             -- Cell: 413-658-7953 GV: 978-633-5364
Deepwoods Software        -- Custom Software Services
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