IRS

[Prepoia[$]]

I've always managed my epinions account so that I don't withdraw more than $600 in any given year. At the end of last year, I tried to redeem some money and it stated that I would be over $600 for the year and they would need my SS#. So, I waited until today (new year) and decided to take some out. They are saying the same thing about the SS#. Does anyone know if the site just hasn't updated to the new year yet or if there's been some changes for redemptions?

Thanks,
Sandy

[mjfrombuffalo[$]]

Prepoia said

I've always managed my epinions account so that I don't withdraw more than $600 in any given year. At the end of last year, I tried to redeem some money and it stated that I would be over $600 for the year and they would need my SS#. So, I waited until today (new year) and decided to take some out. They are saying the same thing about the SS#. Does anyone know if the site just hasn't updated to the new year yet or if there's been some changes for redemptions?

Thanks,
Sandy

Is it based on what year you EARNED the income or what year you COLLECT?

You can tell I've never had to worry about this particular problem

[pippadaisy[$]]

IIRC, it doesn't pop over until January IS is posted and all the payment system/MPA, etc. switch over to the new year.

[Prepoia[$]]

Thanks, Pippa. I'll try again next month then

[pippadaisy[$]]

At some point, you might be better off just biting the bullet. I was doing the same thing until I realized I was just letting Eps make money off the interest of not paying me, and having to quit cashing out by May every year.

And if you are entering the contests, you have to provide that info if you win anyway.

[nc10]

mjfrombuffalo said

Is it based on what year you EARNED the income or what year you COLLECT?

Epinions files a form 1099 for any year you collect over $600. (Collecting less doesn't mean you don't have to report it on your taxes, though.)

[roheblius]

There is a current bug that is stopping the site from rolling over to 2007 and thus it's counting everything as if it's still 2006. What I've advised other members to do is simply send me their phone number in an e-mail and I will call them to get their SSN. When we recalculate 2007 at the end of the year, if you in fact have not gone over 2007, obviously we won't send the 1099.

Garrett

[mjfrombuffalo[$]]

Wow! Garrett!!

[Prepoia[$]]

Thanks, Garrett!

[Prepoia[$]]

Guess I'm going to have to do this because the bug still isn't fixed. At least there's an option and thank you Garrett.

[Joubert[$]]

Sandy, you had to report it anyway technically so as some others have said, it's better to just bite the bullet -- especially since you posted it in public.



Don't worry -- the IRS has its sights set on eBay income next.

[Prepoia[$]]

I thought that if you got paid less than $600 a year you didn't have to report anything to the IRS. Am I wrong, then?

[pippadaisy[$]]

Yes. Legally speaking ALL income has to be reported to the IRS, even the $2.00 in interest on a savings account. Everything $600 and up gets a form sent from the company to the IRS, and you are on your honor for the rest.

[Joubert[$]]

*Warning - Danger, Will Robinson, I am not a tax preparer, financial planner or attorney and this is not official advice that you should rely upon when preparing your own taxes*

What Pippa said.

[pippadaisy[$]]

Also, legal requirements aren't what all companies go by. I work for a couple of clients who require my W-9 even though I'm in no danger of hitting the $600 with them, and they report my income... after all, if they are claiming it on their taxes as an expense, you have to figure the money is going SOMEWHERE.

[Joubert[$]]

Excellent point. Sandy, you sometimes do get a 1099 in the mail for $237.90. And you really do need to report that.