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Submitted By: Harry
Answered: January 7, 2014 8:30 am
Answered: January 7, 2014 8:30 am
If I pay a painting contractor $1,000 to paint my apartment, do I have to issue a Form 1099?
No. The requirement to issue a Form 1099 for the payment of services of $600 or more to an independent contractor applies only to businesses. It does not apply to services for individuals.
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Tax Glossary
Adjusted gross income (AGI)
Gross income less allowable adjustments, such as IRA, alimony, and Keogh deductions. AGI determines whether various tax benefits are phased out, such as personal exemptions, itemized deductions, and the rental loss allowance and modified adjusted gross income (MAGI).
