Reporting as Income?

[shootingstars]

OK I was wondering about GPT sites and payments. I have one friend who is on SSI and it is income based. Also for those on any state aid, I know these things are popular for single mothers. And I suppose I am wondering if this is taxable income. These are questions I was asked when I was trying to refer and realized I don't know the answers and it would be a good idea. Can anybody help me?

[shootingstars]

I found this in the Q&A on some site...

You should check with your accountant. Survey income is considered earned as an "independent contractor" and no taxes are withheld from your payments. If you earned more than $600 from anyone survey company, they will send you a form "1099" to you and the IRS listing your income from them for the year.

I am curious to wonder how it would work if I earned 300 from two different companies, would I still need to report that income. If anybody else has any more information I would love to get it!

[Madd4Money]

I found this in the Q&A on some site...

You should check with your accountant. Survey income is considered earned as an "independent contractor" and no taxes are withheld from your payments. If you earned more than $600 from anyone survey company, they will send you a form "1099" to you and the IRS listing your income from them for the year.

I am curious to wonder how it would work if I earned 300 from two different companies, would I still need to report that income. If anybody else has any more information I would love to get it!

As long as you are under $600 per site, (always check to be sure the sites are not owned by the same company) you should be fine.  $600 is the magic number for Independent Contractors.   

[oldbuddy]

That $600 figure is to require the program to send a report to the IRS, but I think you are obligated to pay taxes even if you make less. Check with your tax preparer.

[Madd4Money]

That $600 figure is to require the program to send a report to the IRS, but I think you are obligated to pay taxes even if you make less. Check with your tax preparer.

I do agree, ALWAYS check with your tax preparer, since everyone's situation is different.   

[joclt22]

I found this in the Q&A on some site...

You should check with your accountant. Survey income is considered earned as an "independent contractor" and no taxes are withheld from your payments. If you earned more than $600 from anyone survey company, they will send you a form "1099" to you and the IRS listing your income from them for the year.

I am curious to wonder how it would work if I earned 300 from two different companies, would I still need to report that income. If anybody else has any more information I would love to get it!

no. only if you earn that or more from one company. as they are not the same job listing. hope that info helps

[joclt22]

OK I was wondering about GPT sites and payments. I have one friend who is on SSI and it is income based. Also for those on any state aid, I know these things are popular for single mothers. And I suppose I am wondering if this is taxable income. These are questions I was asked when I was trying to refer and realized I don't know the answers and it would be a good idea. Can anybody help me?

as it is not tax deducted unless you make over 600.00 for the year, no you do not have to report it, but..... if say your friend has a credit card and will be doing the big offers to where they can pretty much say they will make over that in a years time. then yes, best to report it from the door, not so good to wait n hit 600 and have to fill out forms and then have the ssi office, or walfare office ask you why you did not report it sooner. hope this helps ya out a bit

[joclt22]

That $600 figure is to require the program to send a report to the IRS, but I think you are obligated to pay taxes even if you make less. Check with your tax preparer.

 


check with your state. as i do my own taxes here in pa. and i know that if i do not make over the 600.00 per site i do not have to pay taxes on it. i could pay taxes on it now tru my bank if i wished to add to my refund at the end of the year. but i do not have to. most states are the same but i know a feww are a bit diff. so yes, check with your state irs and find out for sure.

[mommy2one]

I found this in the Q&A on some site...

You should check with your accountant. Survey income is considered earned as an "independent contractor" and no taxes are withheld from your payments. If you earned more than $600 from anyone survey company, they will send you a form "1099" to you and the IRS listing your income from them for the year.

I am curious to wonder how it would work if I earned 300 from two different companies, would I still need to report that income. If anybody else has any more information I would love to get it!

As long as you are under $600 per site, (always check to be sure the sites are not owned by the same company) you should be fine.  $600 is the magic number for Independent Contractors.   

Does anyone have a link to this information. I am currently looking on the IRS site with no luck. TIA 

[Madd4Money]

I found this in the Q&A on some site...

You should check with your accountant. Survey income is considered earned as an "independent contractor" and no taxes are withheld from your payments. If you earned more than $600 from anyone survey company, they will send you a form "1099" to you and the IRS listing your income from them for the year.

I am curious to wonder how it would work if I earned 300 from two different companies, would I still need to report that income. If anybody else has any more information I would love to get it!

As long as you are under $600 per site, (always check to be sure the sites are not owned by the same company) you should be fine.  $600 is the magic number for Independent Contractors.   

Does anyone have a link to this information. I am currently looking on the IRS site with no luck. TIA 

Call your tax preparer or any H&R Block office in your City. 

[mommy2one]

Thanks Madd!! When we go to get our taxes adjusted I'll do that!!