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Author: pwhitten Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121252  
Subject: Form 1099-Misc Date: 4/14/2008 11:27 AM
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My husband sells insurance for commissions only. He received commissions from 4 companies, but received only 2 1099-Misc forms.

Are there exclusions on commissions that don't have to be reported? For example, if a company pays less than a certain amount of commission (i.e., < $500) then they don't have to send a 1099-Misc to the payee? I seem to remember reading somewhere that banks don't have to send a 1099-Int form if the amount of interest is < $10. Does the same idea apply to misc income?

The dollar amount is small - $161 from one company, $281 from the other. TurboTax has a screen for entering general business income {income not reported on a 1099 form). Morally, I know I should declare this income, but on the other hand, I want to keep our tax liability as small as possible.

Peg
Adding another entry to my moral/ethical/existential dilemmas list.
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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 100300 of 121252
Subject: Re: Form 1099-Misc Date: 4/14/2008 11:34 AM
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Are there exclusions on commissions that don't have to be reported? For example, if a company pays less than a certain amount of commission (i.e., < $500) then they don't have to send a 1099-Misc to the payee? I seem to remember reading somewhere that banks don't have to send a 1099-Int form if the amount of interest is < $10. Does the same idea apply to misc income?

Yes, it does. PayORs aren't required to report below certain dollar amounts.

The dollar amount is small - $161 from one company, $281 from the other. TurboTax has a screen for entering general business income {income not reported on a 1099 form). Morally, I know I should declare this income, but on the other hand, I want to keep our tax liability as small as possible.

Mr. Clarity to the rescue. Morally, I know I shouldn't steal my neighbor's silver, but she passed out at the dinner table and no one was looking, so....

You already know the answer. Just do it.

Phil

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Author: pwhitten Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 100301 of 121252
Subject: Re: Form 1099-Misc Date: 4/14/2008 11:34 AM
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Hmm, I see from a previous thread that someone had asked a similar question, and got an answer - 1099-Misc not required if income is less than $600. See http://boards.fool.com/Message.asp?mid=26558151&sort=whole

So I will do the right thing, which is to declare the income.

Peg

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