Question about what amount is needed for a 1099 MISC form

[Anonymous]

One of our consultants was paid a one time $600 fee. In reading the IRS site, it is not clear to me whether we have to prepare a 1099 if someone makes $600 or OVER $600. If we paid this person $600 is a 1099 required or is it more than $600.

Thanks.

[Anonymous]

"$600 or more" IRC 6041(a). So if you paid $600, you have to do a 1099.

[Anonymous]

Issue the form. Honestly if you aren't sure if you need to or not, just issue it. There is no penalty fir reporting when you didn't gave to but there is a penalty fir failure to report when required.

[Anonymous]

They still have to report to the IRS. Just issue the form.

[Anonymous]

Anonymous wrote:One of our consultants was paid a one time $600 fee. In reading the IRS site, it is not clear to me whether we have to prepare a 1099 if someone makes $600 or OVER $600. If we paid this person $600 is a 1099 required or is it more than $600.

Thanks.

Next time, pay $599 via check and $1 out of your pocket to avoid the paperwork hassle.

[Anonymous]

Anonymous wrote:

Anonymous wrote:One of our consultants was paid a one time $600 fee. In reading the IRS site, it is not clear to me whether we have to prepare a 1099 if someone makes $600 or OVER $600. If we paid this person $600 is a 1099 required or is it more than $600.

Thanks.

Next time, pay $599 via check and $1 out of your pocket to avoid the paperwork hassle.

Sigh... you're missing the point...