DH is a 1099 independent contractor. Last year, he earned commission payments from three different companies but for two of them, total payments came to less than $600. To make it simple, let’s say he earned $250 in commission for company 1, $300 for company 2, and a few thousand for company 3.
Will companies 1 and 2 send him 1099s for such low amounts? Does he even need to report this income if it’s under $600 per company? Or will he only report the few thousand from company 3?
On a similar note, DD earned a little income from a summer job (age 16). It was around $1,500 total. Does she need to file federal taxes? We asked them not to withhold federal taxes because I was pretty sure she wouldn’t owe any, but does she still need to file? Will she get a W2 for a summer job?
Thank you, tax experts! I am so confused.
Will companies 1 and 2 send him 1099s for such low amounts? Does he even need to report this income if it’s under $600 per company? Or will he only report the few thousand from company 3?
On a similar note, DD earned a little income from a summer job (age 16). It was around $1,500 total. Does she need to file federal taxes? We asked them not to withhold federal taxes because I was pretty sure she wouldn’t owe any, but does she still need to file? Will she get a W2 for a summer job?
Thank you, tax experts! I am so confused.
Statistics: Posted by meadowrue — Wed Jan 22, 2025 8:04 pm — Replies 0 — Views 5