Advice: 5 reasons to report your fantasy football and gig income to the IRS
, cash gifts for weddings or birthdays are not taxable. So if you get a 1099 because of your wedding registry, it’s an error.
You may be years away from collecting Social Security, but underreporting your income could cost you big time later in life. However — and this is important — “the average of your earnings over your working years, not the total number of credits you earn, determines how much your monthly payment will be when you receive benefits,” according to the Social Security Administration., 55 percent of retirees said they rely on Social Security as a major source of income.
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