What happens at tax time?

[melodylogan45]

What happens at tax time when we make $600.00 or more this year? What documents other than the 1099 do we give our tax preparers?

[swogden]

When you make your cash out request that will take you over $600, FC will request your tax ID number (social security # in US) so that they can complete a 1099 submission for all of the monies you received from them during the calendar year. 

You will also receive a your copy of the 1099 filing so you will know what was reported.

If you complete your own tax filing, this income would probably go in line 21 -Other Income.  I usually have an attached sheet that shows the source of various income items separately.  Anything with a 1099 would be shown separately so IRS can cross check it easily.

I'm not an accountant or tax expert; I'm just using common sense and a careful reading of Form 1040 and the related instructions.  Consult your own tax adviser when the time comes.