Tax

[carters_ma]

So do we have to mention this when we file our taxes? 

[musicbrokers]

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.

[ro901]

Up to $600 does not need to be reported, last I heard.

[caleshire]

Wow its look  like its really possible for you to make  over 1000 within a year. That's nice 

[tommonson321]

I don't know if I will hit $1000 this year but $600 seems like a good goal.

[swogden]

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.

[monnee]

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.

[sherrienicole]

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. 

[minkatrozic]

Yes I agree. everything over $600 has to be reported. If you made less than that then do not worry.

[skrogman]

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.

[hawkeye3210]

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.

[pmagalei]

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-

[KSimonetti92]

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! 

[sunwaters]

Its tax season and for me, this topic is very timely

[vp44]

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.