Making more than $600

[mrisha]

When closing with a cashout, it stated that when you make more than $600, a form is sent to IRS.  How long has that been going on?

[bostonphil]

For a very long time but I can not remember when it began.  Some members have earned more than $600 on FC and had some difficulties because of it but it always got straightened out.  I can not remember the difficulties.

[calendria]

 

 

Every site reports to the IRS when a member earns more $600.00 + .  You need to report any earnings but they only report $600.00 + and up.

[bostonphil]

I suggest that you stop earning on FC before you reach $600.00.  There is a problem cashing out when you hit $600.00.  After you earn $600, you have to fill out a form to next cash out and my memory is that is when member had difficulty. Members had problems with the form but eventually the situation dd get resolved and they were allowed to cash out.

I never have to worry about earning $600 on any sites like FC. 

However I think you have to report your earnings as other income or miscellaneous income to the iRS when you earn $600 plus on all sites like FC combined.

[stevensm4]

When I went to do my taxes, the woman told me it was anything in excess of $400 but I rarely ever make that much at once doing anything survey related and when I have, I was sent a W2 to report it.

[bostonphil]

When I went to do my taxes, the woman told me it was anything in excess of $400 but I rarely ever make that much at once doing anything survey related and when I have, I was sent a W2 to report it.

It may have gone down to $400.00 but I don't have to worry about it. I think that you get a 1099.

[UGetPaid]

Technically speaking, if you earn a penny over the course of a year from a site like FC, you are supposed to report that to the IRS on your taxes. It's not until you make over $600.00 that the payor is required to fill out the 1099 paperwork to send to the IRS with your earning information on it.

[cathy37]

I know that they have to do this, but it doesn't apply to me because I never make that much on this site.  I just cash out every couple of months.  To me this is just a little spending money.

[ssarber]

I wouldn't worry too much about it.

[dsawan]

a while

[potluck6]

Wish I could make 600.00 a year here. Took over 2 months to make 34.00

[calendria]

 

 


May want to wait till after January 1st, 2022 to cash out on other sites to keep within the IRS reporting limits.  You report to them not the site.  Better all around.