Does Fullscreen send you a 1099 in January?

A lot of random advice from all sides in this thread.

For everyone's benefit...

Don't confuse company reporting requirements with taxpayer obligations or limits. The 1099-misc requirement in basic terms is... if a company pays an "independent contractor" $600 or more in a year, then the company should issue a 1099-misc to that contractor and report it to the IRS as well. If the company pays less than that, then they don't have to issue a 1099-misc. However, that does not change your obligation to claim the income. Just their reporting requirement.

All income counts toward your "gross income" except where the IRS specifically says it doesn't.

The hobby versus business argument is moot as it does not affect whether you claim the income or not in the US... it affects where you claim the income (what fields or forms) and your allowed deductions.

Lastly, a little confused as to why Fullscreen has that in their Helpdesk FAQ because they get W9 info from every partner in the US, but that's really a side issue...

Claiming all income whether you get a 1099-misc or not is the appropriate path and your safest bet! ;)


Reference links:

http://www.irs.gov/pub/irs-pdf/p525.pdf (CTRL + F "introduction" and "hobby")
http://www.irs.gov/uac/Is-Your-Hobby-a-For-Profit-Endeavor?
http://dontmesswithtaxes.typepad.co...03/hobby-or-business-tax-issues-for-both.html
http://www.hrblock.com/free-tax-tip.../Hobby-Income.html?action=ga&aid=27154&out=vm

Note:

Advice geared toward US residents. If you're not in the US, then your mileage may vary.
 
Creator X said:
A lot of random advice from all sides in this thread.

For everyone's benefit...

Don't confuse company reporting requirements with taxpayer obligations or limits. The 1099-misc requirement in basic terms is... if a company pays an "independent contractor" $600 or more in a year, then the company should issue a 1099-misc to that contractor and report it to the IRS as well. If the company pays less than that, then they don't have to issue a 1099-misc. However, that does not change your obligation to claim the income. Just their reporting requirement.

All income counts toward your "gross income" except where the IRS specifically says it doesn't.

The hobby versus business argument is moot as it does not affect whether you claim the income or not in the US... it affects where you claim the income (what fields or forms) and your allowed deductions.

Lastly, a little confused as to why Fullscreen has that in their Helpdesk FAQ because they get W9 info from every partner in the US, but that's really a side issue...

Claiming all income whether you get a 1099-misc or not is the appropriate path and your safest bet! ;)


Note:

Advice geared toward US residents. If you're not in the US, then your mileage may vary.


Reference links:

http://www.irs.gov/pub/irs-pdf/p525.pdf (CTRL + F "introduction" and "hobby")
http://www.irs.gov/uac/Is-Your-Hobby-a-For-Profit-Endeavor?
http://dontmesswithtaxes.typepad.co...03/hobby-or-business-tax-issues-for-both.html
http://www.hrblock.com/free-tax-tip.../Hobby-Income.html?action=ga&aid=27154&out=vm
Click to expand...
Thank You, I posted similar information from the IRS's website in another post.
 
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