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callcente... callcente...
 
December 17, 2008 03:14 PM

How much money can I earn from Mahalo before it becomes a taxable event and they send me a 1099?

I'm sure goofing around here is considered a hobby, but what if I get really good at giving answers and making money? What is the threshold where I have to report the income...and mahalo has recognize me in some official taxable capacity?
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taffy71 taffy71
 
 December 17, 2008 10:11 PM
If Mahalo sends you $600 or more in the same tax year, they will report that fact to the IRS.

So if you earn less than $600, the onus is on you to report those earnings to the IRS.

I'm not talking about what you SHOULD do.

But if you earn less than $600 and you don't tell the IRS, then they don't know you were paid that money.
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garance garance
 
December 17, 2008 03:18 PM
it is taxable even if it is 70 cents

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clabuff clabuff
 
December 17, 2008 03:52 PM
ANY income is taxable (except gifts and some other exceptions). It's just a matter of whether you report it as income that is additional to whatever you make in your regular employment (for which you'll get a W-2). And it's illegal not to report it.

I just took federal income tax (I'm in law school), and I was even surprised to learn that income gotten illegally (i.e., by stealing) must be reported and should be taxed. Crazy.
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garance garance
 
December 17, 2008 04:05 PM
It is very smart to be asked to report illegal gains: a lot of bad people get caught that way and otherwise would go free (think back to the famous Al Capone case)

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skitt skitt
 
December 17, 2008 03:52 PM
Technically, you owe taxes on any amount of earned income that you have. You would probably only be requested for tax information and sent a 1099 if you earn more than $600. That is pretty much the standard.

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