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Anything under $300 from any one source you can go without reporting.
I believe they changed it to $400.00 this year, which used to be $600.00 If I'm not mistaken PayPal is if you withdrawal more than $400.00 a year they will turn it in. Just something we all need to learn more about cause they change so many things each year. My mother completes other people's taxes so I leave it all up to her when she completes mine.She can keep up on all those changes better than I can.
You need to pay taxes on all income earned regardless of how much you make.
Not true. If you don't make enough, you don't have to pay taxes.
According to the IRS website, it's $400 instead of $600. These types of sites count as "self-employed". Has it changed from $600?
http://www.irs.gov/individuals/article/0,,id=96623,00.html
To determine if you need to file a Federal Income Tax return for 2010 answer the following questions:
Occasionally, individuals have one-time or infrequent financial transactions that may require them to file a Federal Income Tax return. Do any of the following examples apply to you?
Did you have Federal taxes withheld from your pension and wages for this tax year and wish to get a refund back?
Are you entitled to the Earned Income Tax Credit or did you receive Advance Earned Income Credit for this tax year?
Were you self-employed with earnings of more than $400.00?
Did you sell your home?
Will you owe any special tax on a qualified retirement plan (including an individual retirement account (IRA) or medical savings account (MSA)? You may owe tax if you:
Received an early distribution from a qualified plan
Made excess contributions to your IRA or MSA
Were born before July 1, 1939, and you did not take the minimum required distribution from your qualified retirement plan.
Received a distribution in the excess of $160,000 from a qualified retirement plan.
Will you owe social security and Medicare tax on tips you did not report to your employer?
Will you owe uncollected social security and Medicare or Railroad retirement (RRTA) tax on tips you reported to your employer?
Will you be subject to Alternative Minimum Tax (AMT)? (The tax law gives special treatment to some kinds of income and allows special deductions and credit for some kinds of expenses.)
Will you owe recapture tax?
Are you a church employee with income in wages of $108.28 or more from a church or qualified church-controlled organization that is exempt from employer social security or Medicare taxes?
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She can keep up on all those changes better than I can.