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  1. #1

    Default No 1099-Misc from Payor, Amount Under $600

    Per IRS, a payor does not have to provide a 1099-MISC to a payee for a year's total revenue less than $600. What form or reasonable substitute should I use to report that income. Income is royalties. Thank you.

  2. #2
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    Default Re: No 1099-Misc from Payor, Amount Under $600

    Quote Quoting edkrane
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    Per IRS, a payor does not have to provide a 1099-MISC to a payee for a year's total revenue less than $600. What form or reasonable substitute should I use to report that income. Income is royalties. Thank you.
    You are not required to provide a 1099-MISC if the amount is less than $600.00. However, you may issue a 1099-MISC if you choose to do so for amounts less than $600.00.

    If you don't issue a 1099, you don't report the income. You may still deduct it as an expense on your own (or your entity's) tax return, but you do not report it to the IRS as the contractor's income.

    I just realized that you are the payee, rather than the payor. You would report the income on Schedule C.

  3. #3

    Default Re: No 1099-Misc from Payor, Amount Under $600

    Oops, sorry to mention I'm the payee. The payor did not issue me a 1099-MISC for roughly $300 last year.

  4. #4
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    Default Re: No 1099-Misc from Payor, Amount Under $600

    Quote Quoting edkrane
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    Oops, sorry to mention I'm the payee. The payor did not issue me a 1099-MISC for roughly $300 last year.
    Then you include it in your income on Schedule C.

  5. #5

    Default Re: No 1099-Misc from Payor, Amount Under $600

    Thanks, but what a hassle for a Fiduciary return....you can't imagine the extra hassle.
    A point to note....in corresponding with the Payor as to why I did not get a 1099-MISC, they claim they made no payments to me in 2019. Yet I have 3 check stubs proving I received revenue in 2019 from them. Would this mean they did not report the roughly $300 to the IRS, and I don't have to report it? Sheesh.

  6. #6
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    Default Re: No 1099-Misc from Payor, Amount Under $600

    Quote Quoting edkrane
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    Would this mean they did not report the roughly $300 to the IRS, and I don't have to report it? Sheesh.
    Obviously not. If you received income, it is your obligation to report it on your return (assuming you have enough gross income to be required to file a return) regardless of whether the payor reported that to the IRS.

  7. #7
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    Default Re: No 1099-Misc from Payor, Amount Under $600

    Quote Quoting edkrane
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    Thanks, but what a hassle for a Fiduciary return....you can't imagine the extra hassle.
    A point to note....in corresponding with the Payor as to why I did not get a 1099-MISC, they claim they made no payments to me in 2019. Yet I have 3 check stubs proving I received revenue in 2019 from them. Would this mean they did not report the roughly $300 to the IRS, and I don't have to report it? Sheesh.
    By Fiduciary return are you meaning that you are not filing a regular 1040, but perhaps something for a trust or estate? If so, who paid you the $300.00 and what did the $300.00 cover? As TM said, you are required to report all income on any tax return, but there is some small possibility that what they paid you wasn't actually income, but rather a reimbursement of some sort.

  8. #8

    Default Re: No 1099-Misc from Payor, Amount Under $600

    Yep, I file a 1041 every year for royalty income to a Trust. The Payor would be an oil company. You may have hit the source of the issue regarding reimbursement. It may be for that, but from the check stubs there's absolutely no way to tell what the payment is for. I'm dealing with their relations dept as I write. Thanks for the input very much.

  9. #9
    Join Date
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    Default Re: No 1099-Misc from Payor, Amount Under $600

    Quote Quoting edkrane
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    Yep, I file a 1041 every year for royalty income to a Trust. The Payor would be an oil company. You may have hit the source of the issue regarding reimbursement. It may be for that, but from the check stubs there's absolutely no way to tell what the payment is for. I'm dealing with their relations dept as I write. Thanks for the input very much.
    It shouldn't be any more complicated or difficult to include some royalty income that did not have a 1099 issued, than to include some that did.

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