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Thumb of Michigan | Apparently, a couple of neighboring counties have started issuing the kids a 1099 for the proceeds from the yearly auction. I heard this while attending/bidding/buying at my local fair this week.
For the last few years, we (the buyers) been instructed to make our bidders check out to the fair itself (it use to be to the 4H youth group). Then the fair board cuts a check to the 4H, I believe. I also think the 4H operates as a non-profit (503c), while the fair may not operate as o non-profit, IDK for certain
Are 1099s being issued at anyone else's local fairs?
FYI: Unearned income over $1,350 is taxed at kids' rate, unearned income over $2,700 taxed at parents' rate. | |
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1099 from the fair auction
