Just got asked by Paypal for Tax ID #

jimmyjam1973 · Jul 19, 2013

Got an email this AM to provide my tax ID number to paypal. Thought it was SPAM so logged into my account and sure enough it asked for it. Said that they're required to report on a 1099-K if an individual receives in a calendar year BOTH levels below. I might have over 200 transactions this year, but am probably $14K below the $20K limit. Wondering why I got this and if anyone else did.

$20,000 USD in gross payment volume for goods or services
200 payments for goods or services

George_Calfas · Jul 19, 2013

I received this last year, it is just updating your info in the event you cross both 200/20.

excel_B · Jul 19, 2013

George_Calfas said:
I received this last year, it is just updating your info in the event you cross both 200/20.

Ditto

jimmyjam1973 · Jul 19, 2013

Just spoke with PP and I gave them my SSN and I'm set. Just wanted to confirm i had to meet BOTH 20K and 200 in order to get the 1099-K.

MansGame · Jul 19, 2013

Interesting.

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Pinbreaker · Jul 19, 2013

When you go into Paypal, you can see if you will get any Tax info or not..

Look under "History" and then "Tax Documents"

All In Cards · Jul 19, 2013

2011 you needed the 1099-k, 2012 not needed, IRS doesnt know what they want.

I still took mine with me but accountant said not needed this year.

Erich · Jul 19, 2013

All In Cards said:
2011 you needed the 1099-k, 2012 not needed, IRS doesnt know what they want.

I still took mine with me but accountant said not needed this year.

How do you not have over 200/$20,000 ?

All In Cards · Jul 19, 2013

Erich said:
How do you not have over 200/$20,000 ?

I got the 1099-K

mgar26 · Jul 19, 2013

they include shipping fees as part of the gross. that's what took me over the 20k last year.

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Just got asked by Paypal for Tax ID #

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