Originally Posted by
pinniped
I've always thought it was $600 but I don't actually know that as a fact. I think I got that number in my head from seeing that "$600 winners and up" clerk at the ponies.
Win $550 and everybody's cool. Win $600+ and the Man gets a cut.
From reading one of the credit card threads, I've gathered that mileage bonuses on CC's do not generate 1099's, but mileage bonuses on bank accounts can.
Legally, the Man is supposed to get a cut no matter how much you make. Technically, even if you make $5 you are supposed to declare that amount on you tax return as income. Even teenage babysitters are supposed to declare their earnings. But... creating a 1099 for every person no matter how much they earn poses an incredible hardship for companies, small businesses, families with babysitters. So, $600 is the amount at which 1099's need to be created. But, the Man always wants to be paid.