FC Community
Discussion Boards => Payments => Topic started by: sunwaters on January 20, 2013, 09:50:38 am
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I saw that some members have collected more that 3k over the years, do we pay tax for doing this?
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i believe so once you reach 600.00 in a year think you have to fill out forms maybe another member can clarify
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check irs.gov
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yup, i wonder if we need to file tax at the end of the year and how much to qualify to file?
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I'm pretty sure 600 on each site that you are on. The site that you are with, in this case it would be Fusion Cash, sends you the papers for when you do taxes.
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My good friend is a CPA. He informed me that if you don't get a form, then you don't need to worry about reporting it. However, most companies are on top of their taxes, so you would definitely get one if you made enough.
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It really depends on how much money you have earned each company would send you a 1099mis form and these business no matter where you work have until the end of January mail them out to you. If you don't get that form you don't have to worry about it. I do taxes every year just to let you know I know what I am talking about. Now if you need a write off because you are self employed you can use this income and internet exspenses. Also if you are working parent of children under 18 you could us it to get the maxium earn income created if you don't make that much I believe you need to make at least $5000 but less than $10,000 but I am not sure yet I have to get the information to read they change tax laws every year.
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i would pay taxes on it. for $600.00 or more money in my pocket would be worth it. :notworthy:
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I've read online that, if your working on sites like this......if you get paid by token to receive a reward in gift card payment don't have to worry about taxes.Sweepstakes are the same unless a huge amount of monies is involved as the prize. But if you're working on survey sites, yes it is required to inform uncle sam about it. I don't remember why so plan to check it out again online. :thumbsup: hope this helps! :thumbsup: :wave:
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So I'm reading you have to make $600 on fusioncash in order to file taxes? Is that true or is it less?
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I came across something like that before, but of the amount for FC I'm not sure.
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Is that $600.00 earnings that need to be taxed earned within a year? If so, more likely, lots of members here will pay tax.
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For the one you earn here you ended up of nothing if you have to pay taxes not very much earning for me.
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I dont think it is possible to make enough money on FC within a year to reach the limit to where you are required to pay taxes. You are only held accountable for the total amount of income you receive within the year you are filing for. I believe that limit is $600.
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I made over 400 in 10 months and that was with zero referrals. Missed the first few months of last year since I didn't start looking for these sites until February. Although unlikely, it is very possible. Especially if you do have a few good referrals
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So do we have to mention this when we file our taxes?
(http://www.fusioncash.net/sig.php/c1fd0a44b274x4.png) (http://www.fusioncash.net/?ref=carters_ma)
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Any income is taxable and should legally be reported. Usually the amounts made online at sites like this will not change a persons tax position much. If you do make big money, I would consult a tax expert.
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Up to $600 does not need to be reported, last I heard.
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Wow its look like its really possible for you to make over 1000 within a year. That's nice
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I don't know if I will hit $1000 this year but $600 seems like a good goal.
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So I'm reading you have to make $600 on fusioncash in order to file taxes? Is that true or is it less?
When you request a cash out that will take you over $600.00 in a calendar year, FC will ask you to complete a W-9 form which provides them with your social security number (if you're a US taxpayer -- not sure about Canada). They need this in order to provide you and the IRS with a 1099-Misc Inc report.
If you comply and get the 1099, you best report the income on your 1040 form (line 21 other income) because the IRS will be looking for it.
I never got close to this, so I can only assume that FC would not process the cash out until they received the completed W-9 form from you.
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I think I read in the forum that if you make over $600, FC will mail you a statement at the end of the year to report it to the irs.
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Yes I remember reading about this in the terms of service. Usually you do have to report to the IRS any money that you make because if you dont you will get into trouble. Luckly fusion cash allows you to make up to $600 within a year before reporting. :bs:
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Yes I agree. everything over $600 has to be reported. If you made less than that then do not worry. :wave:
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The previous posters are correct. On any site, of you reach $600 in any calendar year, the site will send you a 1099 for both you and their purposes. If you do not reach that $600 level, then you have not earned enough to claim.
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The previous posters are correct. On any site, of you reach $600 in any calendar year, the site will send you a 1099 for both you and their purposes. If you do not reach that $600 level, then you have not earned enough to claim.
Actually, they are all incorrect. The $600 threshold for 1099's and what you are required to report are not related at all. Two separate issues entirely. A company such as FC files the 1096/1099's with the IRS so that they are compliance with the tax law. An individual is required to report any and all income starting at your first $1 of income.
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Thanks for the 411. I have been inactive on the forum as of late but every once in a while I do check in to see what else I can learn from the topics being discussed. Thanks everyone!!! 1love-
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I'm very glad someone posted this question! I've been worrying over this very issue for a few days now. My husband and I do our taxes ourselves, and I was starting to wonder if i had to include FC into the equation. Thanks a bunch! :thumbsup:
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Its tax season and for me, this topic is very timely ;)
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Up to a certain point I am sure Fc may need to send you a 1099. With that said in a year time anything over a certain amount need to put on your taxes.
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I set my goals too low. Let me make $600 this year from this site, I will laugh, laugh, laugh. :binkybaby:
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I set my goals too low. Let me make $600 this year from this site, I will laugh, laugh, laugh. :binkybaby:
I am shooting for $600 this year and I think that it is a very easy goal to reach.
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I dont think it is possible to make enough money on FC within a year to reach the limit to where you are required to pay taxes. You are only held accountable for the total amount of income you receive within the year you are filing for. I believe that limit is $600.
It's very possible to make $50 per month on here especially if this is the only site that you use.
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if you only plan to reach $600 - maybe you should stop at $599 to avoid receiving a 1099 - then no tax issue... just a thought :peace:
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Ya that is smart, taxes kill you if you reach the $600 mark. U pretty much lose half these days :crybaby2:
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I plan to make only $600 this year to avoid getting the 1099 form. I'll put $600 as my limit.
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I think you should stop at $599.00 to avoid 1099 because once you reach $600.00 then that 1099 will hunt you. Penny matters I guess.
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It is a 1099 form that the company you got paid from will send you, but only if you were paid $600 in the calendar year from that company. If you are paid $200 by three different companies in the year, no problem. It has to be $600 from a single company.
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It is a 1099 form that the company you got paid from will send you, but only if you were paid $600 in the calendar year from that company. If you are paid $200 by three different companies in the year, no problem. It has to be $600 from a single company.
According to IRS website, you have to report ALL income regardless of amount.
Under $600 from a single company is harder to track and it is unlikely that is a result of any negative consquence will occur for non-reporting.
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I guess your best bet is to check the irs, your accountant or someone who has filed on previous years.
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yes after a certain amount you pay taxes
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I never thought about taxes. Will have to keep that in mind. I haven't made enough yet to worry about it but it could be a concern in the future.
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Did anyone receive 1099 from FC?
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i never make that much money in a year on fusioncash so i guess this doesn't apply to me
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Accountant in the past has told me that if you earn 600 or over from a single company and don't report it the IRS could audit you because of it. Then you would have to show paperwork and everything else. If you have tax write off's or credits that can work for you (eg: stuff you had to use at work, equipment, materials, work clothes, mileage on car) that you had to pay out of pocket for you can easily be reimbursed for what you would be taxed on for that $600 but the last time I got a 1099 a couple of years back even with credits the IRS will still hit you with a hammer and take your money. It's best to earn a little bit from different companies and not hit that $600 mark in my opinion but do as you must. Just know there's 2 things in life that are guaranteed we will do, pay taxes and die. 8)
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Did anyone receive 1099 from FC?
I cannot say most of us here don't make that much money. The most I ever cashed out was $288.05. The only way the reach $600 or more is by a combination of getting referrals and completing offers. So this probably won't apply to me.
(http://www.fusioncash.net/sig.php/5e2b5c2181cb.png) (http://www.fusioncash.net/?ref=surveygrabber)
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I never earn more than a 100 for year in FC so I guess I don't need to worry about the Taxes.
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I think $600 per year need to tax.....but I never know.... maybe a few can make that much in FC per year. Does anyone know who can make $600 per year at FC?
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I have been working from home for a while now, and every site that I have earned over 600 dollars and sometimes even less than that sends me a 1099 in January. If you make less than 3,000 total income from all of your jobs, than you do not have to report it. If you make over that amount, and fusion cash adds to your income that you already make, than yes all avenues of income recieved must be reported to the IRS
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I don't reach $600 per year doing survey though.
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I agree (although I am not a tax expert) that the new reporting limit is $600. Used to be $400 but it was changed a couple of years ago. That's what my accountant tells me anyway.
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waoo didnt know that! thanks for the info
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I saw that some members have collected more that 3k over the years, do we pay tax for doing this?
Yes, if it's 3G in a year, you pay taxes for sure.
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im agree u can earn few dollars but i have a referral link and i earn 120$ for each person sgn up under me and its free i like it
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I agree (although I am not a tax expert) that the new reporting limit is $600. Used to be $400 but it was changed a couple of years ago. That's what my accountant tells me anyway.
Actually, nothing has changed, you just have a couple things mixed up. The filing requirement is still $400 from self-employed earnings. The $600 figure is for 1099's, which has nothing to do with your own filing and reporting requirements.
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3k making sounds good to me :icon_rr:
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It is at each member's own discretion whether or not they will file taxes because of any website they use to make money, regardless of the amount they earned in a year. The IRS doesn't know about your Paypal earnings and checks sent to your mailbox that you cash or deposit are not worrisome unless it's a suspiciously large amount. THAT BEING SAID... my online earnings are my own and I'll share only when forced.
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Hmm, too many interesting informations here whether to file or not to file 1099. Goodluck people with your IRS.
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good question, i did not think of that. but no worries for me because i dont make much here.
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I went ahead and turned in my online cash awards as miscellaneous income even though the first year's was a small amount. It may not have been necessary but I wanted to be above-board on my income reporting.
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::)
If it was under 600, you did not have to. but whatever you want to do is your choice. :thumbsup:
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It is my understanding that one can earn up to $600/yr. without having to pay taxes on that amount. I believe they call this 'incidental income'. The key factor is what is REPORTED to the IRS. Yes, a company you do a little work for and don't exceed the $600 limit from that employer is not required to report your earnings to the IRS, but they may do so anyway. So don't be under the impression that you are 'safe' in not reporting/claiming all your income. This is something to keep in mind if you are doing 'incidental earning' with several payors that may not report your earnings currently, but could do so at anytime in the future! Remember that what they send you is a business expense for them so it is not realistic for them not to report your pay at some point.
Another big consideration is your bank's reporting to the IRS. Even if you get your payments in checks and just cash them at the bank makes you 'safe' so you might think. That is the least 'risky' for tax reporting, but just because the banks are not REQUIRED to report such activity does not mean that they can't. The key here is that as this economy continues to flounder and the FED is priniting money like crazy there is nothing 'normal' today.
Just thoughts on matters, do be mindful of how you deal with the IRS... personally I don't put anything past a tax collector!! ;D
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If it was under 600, you did not have to. but whatever you want to do is your choice. :thumbsup:
Wrong. Every single $1 you make is required to be reported. The $600 figure is for companies needing to file 1099's. Two entirely different subjects.
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Maybe if we ask FC members who make more money if they ever received the forms during tax times. :thumbsup: :wave:
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At the rate I am going with I won't have to worry about Taxes. I don't think I am ever going to get enoughn to cash out!
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Hmmm that is a good question. I wish I had enough refferals for that kind of money but, my friends are no believers even though I prove to them it works and they are on the computer dail playing those games all the tiim. :peace:
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Don't make enough money on here to ever have to worry about the taxes.
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slowly but surely I am getting there. But don,t have to worry about taxes.
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any kind of work if you reach 600 dollars you have to pay tax :) :)
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How about your Tax Refunds? Does anyone having problem with their tax refunds? especially those who filed their 8863?
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Thanks for the info guys,This is very interesting conversation.
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You are supposed to report any income for tax purposes ... the $600 threshold is for the paying company to issue you a 1099 and report it to the IRS. If you earn less than that, reporting it becomes an issue between you and your conscience :dontknow:
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if you earn a 600 dollars on a website you got to pay tax ;) ;) ;) ;) ;)
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The IRS is a racket. It's a scam. They are noting but a glorified debt collection agency... but it's not YOUR debt they are collecting on.
(http://www.fusioncash.net/sig.php/876729b48e85x2.png) (http://www.fusioncash.net/?ref=jgw007)
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Right now I don't have to worry about taxes. Maybe in the future when I get some referrals, I will worry about this.
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Right now, I do not need to worry about since I have not cashed out $600 or more more since. When I get closer to that amount, then I would worry about it.
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The turning point is definitely $600. I requested my 6th cash out 10 days ago and at that point, the cash out process was a little different. I was told that since I had already received over $600, I would need to provide my SSN # as well as other personal info for tax purposes before I could receive anymore FC payments. So, I will apparently be receiving tax papers/forms at some point. Yay! Haha ::) :P
elisajoy, you have proven that you are very good in doing this.
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Remember All taxes are voluntary!!
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Remember All taxes are voluntary!!
Not unless you consider jail time a reasonable alternative.
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I was wondering the same thing. I never got a paper so I will be alright.
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I made over 400 in 10 months and that was with zero referrals. Missed the first few months of last year since I didn't start looking for these sites until February. Although unlikely, it is very possible. Especially if you do have a few good referrals
aren't "unlikely" and "very possible" complete opposites? ???
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Ok thats wassup! I needed to know. So I must keep in mind the money I make.
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:thumbsup:congrats Elisajoy, I am very happy for you. I just hope I can follow in your footsteps and work hard. Hopefully maybe in 4 months I can earn as much, lol. I know thats is going to be very hard but I want to challenge myself. :peace:
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Thabk you all for sharing about the taxes, I will definitely pay that attention as I earn money from a variety of streams. :icon_rr:
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wow....didn't know that :o
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Elisajoy, thank you for posting that post from the Administrator. That was very informative.
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The information you all provided will be very helpful. Thank you.
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it as to be t he limit reaced in a single year...so far i avent even maDE 600, but i will someday :thumbsup: :thumbsup:
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I'm so happy I don't have to worry about that stuff yet.
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Thats wassup. Does anyone know how much tax you have to pay once you reach 600?
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What a great topic-thnx for all the great info!
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Wow, I can't believe you made 400 in a month without referrals. How????????? You must qualify for all the high paying surveys. Wish I would!
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I believe the employer or ptc site or whatever site you are making money on has to send you a tax statement at the end of the year what you made, if it goes over the IRS limit. I believe for 2012 it was $600 but, may go up for 2013 but, count on $600 so, if you make $599 you don't have to pay but, if you make $601 you have to pay on all of the amount. I'm pretty sure this is still in affect but, to be sure you should check with the IRS on their website to verify because you know the IRS their regulations seem to change every year.
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The tax amount is all depending on your status, (single, married, head of household, dependants) and how much you make totally, weather you have a house you can deduct interest and other variables. To make a rough estimate, I would put away about 12-15 percent to be safe. I have been doing my taxes and my children's for years. I have never paid more that about 13 percent in federal taxes and that was when I only had my wife and myself as deductions and was making around 80k, now if you break other thresholds like 100k/150k/200k/250k the percent goes up.
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I know that once I hit that $600 mark to start reporting, I may just go ahead and keep out several checks dedicated strickly for tax just in case.
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I`m not worried about that yet,but thanks for the info.
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I know that once I hit that $600 mark to start reporting, I may just go ahead and keep out several checks dedicated strickly for tax just in case.
Don't forget that it's $600/year. If it takes you 2 years to earn $600, you have nothing to worry about.
FC will report your income to the IRS only if you've earned $600 or more in a year. :)
I realize that.. I know that it will def take me a long time to get to that $600 mark. I'm having difficulty now as I can't seem to find the time and/or I don't qualify for the mass majority of the surveys given to me.
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The IRS is a sham.
http://youtu.be/O6ayb02bwp0
(http://www.fusioncash.net/sig.php/876729b48e85x2.png) (http://www.fusioncash.net/?ref=jgw007)
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It would be pretty awesome to reach $600 in a single year!!
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You are supposed to declare ANY income on your taxes ... whether it is $1 or over $600 .... the $600 limit is just when FC has report it to the IRS and issue you a form .... whether you declare under $600 or not is between you and y our conscience :dontknow:
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Anyone who is on unemployment watch what you claim on your taxes because if you're not reporting the income to unemployment and then you claim it on your taxes your state Government will figure this out and you will be taken to court. I've known people that have been over paid by the state and didn't say anything or notify them and they were taken to court as well. So be weary if you make a certain amount and plan on claiming it on your taxes make sure if you are on something else you report it there as well. When I'm not getting work I claim unemployment but I don't plan on claiming the pocket change I make on here or there'd be no point to me being on here and doing it. The only time I've ever seen anyone have to claim anything (A tax accountant has told me this) is when you are reported to have made income with an employer. So if you make enough and Fusion Cash reports what you made on the website you better make sure you report it or it'll set off definite red flags. If they so happen to randomly audit you and question you about what you made on here without you making $600 I'm assuming they just give you a penalty. If you're making thousands of dollars online and evading taxes, you may as well just put the handcuffs on yourself.
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Anyone who is on unemployment watch what you claim on your taxes because if you're not reporting the income to unemployment and then you claim it on your taxes your state Government will figure this out and you will be taken to court. I've known people that have been over paid by the state and didn't say anything or notify them and they were taken to court as well. So be weary if you make a certain amount and plan on claiming it on your taxes make sure if you are on something else you report it there as well. When I'm not getting work I claim unemployment but I don't plan on claiming the pocket change I make on here or there'd be no point to me being on here and doing it. The only time I've ever seen anyone have to claim anything (A tax accountant has told me this) is when you are reported to have made income with an employer. So if you make enough and Fusion Cash reports what you made on the website you better make sure you report it or it'll set off definite red flags. If they so happen to randomly audit you and question you about what you made on here without you making $600 I'm assuming they just give you a penalty. If you're making thousands of dollars online and evading taxes, you may as well just put the handcuffs on yourself.
In other words, you are suggesting people lie to cover up another lie? I could really care less what you do, but that's not very good advice.
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What is the best place to get tax advice?
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I would love to make enough to pay tax.lol
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I wish I make 600/year, so that I can pay tax.
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when you earn 600 in one year then you have to pay tax :) :)
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My husband and I are both on SS now and don't really think anything I make on Fusion Cash would have much impact on our income tax return. I'll have to check into that between now and the end of the year. I'll report it for sure though. I used to do income tax returns to make a little extra money and I never encouraged anyone to lie on their returns; as a matter of fact I turned some ppl down on preparing for them when they wanted me to report something that wasn't true. I even had one guy come back in to tell me he was getting more back on his return cause he found someone who would use the incorrect info he wanted used. I told him that would be great unless he got audited and was just glad my name wouldn't be on it anywhere. Not trying to sound self-righteous but don't wanna mess with the IRS!!
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I wish make 1000$ on fusioncash but it stay dream. may be fusioncash grow up and it become possible to make it ;D ;D
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I wish I make lots of money and I would love to give my share to Uncle Sam ;D ;D ;D
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Not sure of what the threshold is for paying taxes, I believe it is $600 need to do more research, however I am sure if taxes need to be paid Fusion Cash I hope will send us the appropriate document indicating such, I do not cash out every month, so I do not expect to earn funds that meet the threshold unless it is a small amount! but if so, then I will do my duty and report.
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I don't have to worry about that anytime soon. I'm glad.
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The turning point is definitely $600. I requested my 6th cash out 10 days ago and at that point, the cash out process was a little different. I was told that since I had already received over $600, I would need to provide my SSN # as well as other personal info for tax purposes before I could receive anymore FC payments. So, I will apparently be receiving tax papers/forms at some point. Yay! Haha ::) :P
thank you for the information.
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I made over 400 in 10 months and that was with zero referrals. Missed the first few months of last year since I didn't start looking for these sites until February. Although unlikely, it is very possible. Especially if you do have a few good referrals
how did you do it.
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I think $600 per year need to tax.....but I never know.... maybe a few can make that much in FC per year. Does anyone know who can make $600 per year at FC?
I can! :) Joined FC in November and I've already received 3 payments worth $331 and I'm expecting my 4th payment ($136) in the next few days. With those 4 payments, my banner will say 'Total Received: $467' and 'Completed Offers worth: $600+' because I still have another 2 weeks to earn money and right now, I am already at $66.50. I will probably be earning $600 every 6 months. I'm sure I'm not the only one earning this much. Those who have referrals probably earn more than me. It's definitely possible to earn $600 a year. :wave:
Congratulations, nice income. :notworthy:
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The key here is hard work and dedication, right Elisajoy?
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Thanks this infomation will be very helpful.
The turning point is definitely $600. I requested my 6th cash out 10 days ago and at that point, the cash out process was a little different. I was told that since I had already received over $600, I would need to provide my SSN # as well as other personal info for tax purposes before I could receive anymore FC payments. So, I will apparently be receiving tax papers/forms at some point. Yay! Haha ::) :P
thank you for the information.
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Not sure of what the threshold is for paying taxes, I believe it is $600 need to do more research, however I am sure if taxes need to be paid Fusion Cash I hope will send us the appropriate document indicating such, I do not cash out every month, so I do not expect to earn funds that meet the threshold unless it is a small amount! but if so, then I will do my duty and report.
The threshold for reporting income is $1. Whether you are required to pay taxes or not will depend on your individual circumstances.