Do I have to report income if I don’t get a 1099?
Jan 27
3 Comments
I have so many different bank/investment accounts where I may get a little bit of interest, dividends, rewards. However if the rewards are <$600 for the year, the company does not send a 1099. This puts the burden on the taxpayer to figure out and report all of this income.
Thoughts?
TC 350K
comments
I’ve forgotten to do a few accounts now and again. The IRS doesn’t bother.
I missed a big account once and they sent me a letter 2 years later saying, you owe $700 in unpaid taxes plus $50 is interest plus $50 in fees. No big deal.