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Originally Posted by Sosa
Hey, just wondering if most people wait to receive all their checks from sponsor through this month and then come up with their final total for 04 sales? Since some don't pay out for 2 weeks afterwards? Or do you just claim income on the checks that you had received in 04?
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Well first your sponsors is supposed to send you a 1099 if you earn over$600. that's the amount you are supposed to report to the IRA. if you've earn les thanthat froma sponsor youstill have to report the income. If you get your check AFTER the 1st of Jan then it counts for 2005. Doesn't matter when the check is for.
For example checks from AEBN for December aren't mailed out until Jan so they don't count for 2004. Checks from AFF from the 15th-31st of Dec are counted as 2005 income. Hope that clears it up some