Payment drawback

[sempermade]

I hope I never get bored of making money although i know its frustrating when you cant qualify on a survey you've been working on!

[Annella]

How does this system work as far as taxes are concerned?  Are we not legally obligated to report these earnings to the IRS?

I believe if you make $600 or more in the year, that Fusion Cash sends you a 1099.  Then you have to claim it on your taxes.  I remember reading something about that somewhere.  You could send a support ticket to Admin. with this question.

[tmgrigg]

So, if I make less than $600, I don't have to report it?

[natalie2]

i made 30 dollar so far havent cash out yet still trying to build it up

[Annella]

So, if I make less than $600, I don't have to report it?

No, all income has to be reported according to the Gov't. Even if you have a garage sale. Does everyone do that.....uh, no.  There is a limit of income you can make, and it changes each year (combined yearly income).  If you don't make up to that limit, you don't even have to file your taxes. However, I encourage people to file anyway just in case they are due money, or another stimulus is handed out as the Gov't uses the previous years tax files for individuals to qualify. Also, if you want to apply for any Gov't program, buy a house, etc., they will pull your last years tax return for proof of income/paid taxes information.

Add up all your income papers (W2's, 1099's etc.) and see if you reach that limit (combined yearly income). H & R Block will have the figure).  If a place where you made money does not send you anything claiming they paid you money, then nothing has been sent to the IRS claiming so.  I get 1099's for the extra income I get from different places I've earned it. Some places don't send me one because I didn't earn enough with them.  

Fusion cash doesn't send out 1099's unless someone makes $600+ for the year.  Of course the Gov't could change that for them as well.  Every year brings new changes to the tax laws....such fun!

Hope this has helped.

[tmgrigg]

Thank you Anella! That info has definitely helped.

[falcon9]

How does this system work as far as taxes are concerned?  Are we not legally obligated to report these earnings to the IRS?

Depending upon where you pay your taxes and your taxable income parameters, FC will send you a form detailing any taxable income from these earnings every January.

[Administrator]

How does this system work as far as taxes are concerned?  Are we not legally obligated to report these earnings to the IRS?

Only a qualified tax professional can answer that question.  But generally speaking, the IRS requires you to report any and all income you earn, even if it's $15 at a garage sale.

[brfrank2010]

thats not hard guys!
referral to your friends...
and do offers

[falcon9]

  But generally speaking, the IRS requires you to report any and all income you earn, even if it's $15 at a garage sale.
[/quote]

That's true. Does FC report this income to the IRS and send out a copy to the recipient for tax purposes?

[Administrator]

That's true. Does FC report this income to the IRS and send out a copy to the recipient for tax purposes?

We do if your earnings reach a particular level defined by law (currently $600) in a calendar year.  Of course, if we were ever audited or asked to substantiate our member payments, then the IRS would get all payment information.  You are better off reporting the income - it's the right thing to do.

[kparker46350]

That's true. Does FC report this income to the IRS and send out a copy to the recipient for tax purposes?

We do if your earnings reach a particular level defined by law (currently $600) in a calendar year.  Of course, if we were ever audited or asked to substantiate our member payments, then the IRS would get all payment information.  You are better off reporting the income - it's the right thing to do.

working for a tax company doing taxes you should report all income no matter how small. if not and you get audited it will not be the fault of the tax preparer but on the tax payer.  good luck all.   

[Elizabethar]

Sometime it takes me two month's to cash out. I only do the free stuff.

[queenfreebie]

I was just thinking about the title of this post.  Payment drawbacks.  I think that qualifies as an oxi-moron.  There are no drawbacks to payments!  lol  I just make sure that I makes money every day that gets me closer to them.

Nice! LOL  Payment....drawback?  I agree this is a good thing, not a drawback!

[lennydee]

The more referrals you have the more people you have helping you make money. Then it's a little easier, there are the daily e mails and free offers.