[GNC] 1099's

[Stan Brown (using GC 4.14)]

On 2024-11-16 08:40, R Losey wrote:

> 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?

It depends on whether you are operating a trade or business or not. If
you are not, you do not need to file a form 1099 regardless of how much
you paid the contractor. If you are, then you need to file a 1099 if the
_aggregate_ in one tax year is $600 or more (not $1,000).

<https://www.irs.gov/businesses/small-businesses-self-employed/am-i-required-to-file-a-form-1099-or-other-information-return>

> 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.

You're correct: $10 and over.
<https://www.irs.gov/forms-pubs/about-form-1099-int>

Please note: I am not a tax professional. Persons who are not
comfortable reading and interpreting the IRS website may want to consult
one.

Stan Brown
Tehachapi, CA, USA
https://BrownMath.com