Affiliate Income and taxes

[jawn_tech]

Well it's that time of year when US citizens receive their W2 forms from employers and other sources of income for tax purposes. They have from now until April 15 to get their taxes done. Of course the sooner you file, the sooner you get any refunds you may have coming.

Question -- for those of you in affiliate marketing, does your income get automatically reported and taxed, or are you yourself responsible for declaring income received from aff sales. Feel free to add your experiences no matter where you live.

I am planning on jumping in this year in 2005 to the affiliate market once and for all. I'd be curious to hear what to expect when it comes to tax time in '06.

[Linda Buquet]

Hey jawn_tech,

Reputable and well organized US programs have affiliates fill out a 1099. Then the merchant submits the income to the IRS so you must also submit the income from each program on your tax return.

[mlevenhagen]

I don't believe you get that 1099'd W2 if you've made under $600 for the year...

I'm assuming that because:

A) I haven't received any W2s for any I didn't make that level (and I should have them by now)
B) It's the same way for us insurance agents. You have to keep track of anything under $600... you don't get a W2, but you still have to report it as income.

Correct me if I'm wrong Catalyst:)

My 2.5 cents....

[Linda Buquet]

Yes you are correct. Thanks for bringing up the $600 issue.