Paypal 1099 time of the year..

Pinbreaker · Jan 7, 2015

So I just checked to see if I got a 1099 and I see this.. "You have no 2014 tax documents."

To check to see if you received anything, log on to Paypal, then click on "Acitivity", and then click on "Statements" and then click on "Tax Documents"..

sbjcards14 · Jan 7, 2015

1099's do not have to be issued until 1/31/15. also they should not issue for less than $600.
Ive never dealt with paypal before so I do not know how soon they usually get them out.

metallicalex777 · Jan 7, 2015

Starting in 2011, PayPal is required by the IRS to report the sales of goods and services for customers who, in a single year receive:

More than $20,000, AND
200 or more payments.

The new IRS 6050W changes apply to all payment providers, including PayPal. This includes payments received after January 1, 2011, with the first reports sent to the IRS in early 2012.

You can find more information and FAQs about the new IRS 6050W requirements on the PayPal IRS 6050W website.

rsmath · Jan 8, 2015

I wonder how paypal gets to be so lenient, apparently not having to do 1099's for anything over $600 but rather over $20K. When I file my personal IRS taxes each year as a self-employed person, there is a question on one of the self-employment tax forms that asks if I made payments combined of $600 or more to any single person or business and if yes, asks if I filed a 1099 to report those persons/businesses.

The Collector · Jan 8, 2015

rsmath said:
I wonder how paypal gets to be so lenient, apparently not having to do 1099's for anything over $600 but rather over $20K.

My guess would be something to do with PayPal's own tax liability. No 1099 sent on an account = some sort of shady tax loophole that saves them millions LOL.

Pine Tar · Jan 8, 2015

Pinbreaker said:
So I just checked to see if I got a 1099 and I see this.. "You have no 2014 tax documents."

To check to see if you received anything, log on to Paypal, then click on "Acitivity", and then click on "Statements" and then click on "Tax Documents"..

You can't do this if you use the app like I do most of the time. So I'll have to check on the net when I can

nerdherd020 · Feb 22, 2015

Still waiting, PayPal.

CollectorsCorner · Feb 22, 2015

I will definitely have one if I don't already...

bigalbert · Feb 22, 2015

If they do send you a 1099 you can offset it with cost of goods sold.

All In Cards · Feb 23, 2015

its there, mine says been available since 1/25

just printed it, way down from last year

nerdherd020 · Feb 23, 2015

Does anyone know how to check how much money you received last year (1/1 - 12/31) as well as the total number of transactions?

jimmyjam1973 · Feb 24, 2015

All In Cards said:
its there, mine says been available since 1/25

just printed it, way down from last year

good and bad. good = not so many taxes, bad = fewer group breaks. :-(

lisu · Feb 24, 2015

mine is over $100k - kind of scary. luckily i spent more than that.

CollectorsCorner · Feb 24, 2015

About 71k for me but I didn't spend anywhere close to that...

maxe0213 · Feb 25, 2015

Pinbreaker said:
So I just checked to see if I got a 1099 and I see this.. "You have no 2014 tax documents."

To check to see if you received anything, log on to Paypal, then click on "Acitivity", and then click on "Statements" and then click on "Tax Documents"..

Same nothing for me

woo! I thoguht it was just 200 or 20K. Cuz I'm well above 200, probably above 400 but not 20K.

nkdbacks · Feb 25, 2015

Sold about $500 worth of stuff, none of it cards, last year, so I think I'm good.

Shudder to think how much I spent though, thank goodness I don't have to see that.

BamKat · Feb 25, 2015

I checked yesterday and I had $13k. I had NO idea about this 1099... I was really planning on going big this year! Glad I came here and saw this thread!!! Im happy with my 13k now! If I would have gone over the 20k mark I would have been screwed because I kept no purchase receipts.. I will now!! Just in case!

AnthonyCorona · Feb 25, 2015

nkdbacks said:
Sold about $500 worth of stuff, none of it cards, last year, so I think I'm good.
Shudder to think how much I spent though, thank goodness I don't have to see that.

Haha I think we'd all be disappointed if we really looked at what we spent

goobmcnasty · Feb 25, 2015

Edit:

Found it. But it says I don't have any tax documents. Does that mean I didn't make the required 20K?

How do we determine what we spent?

maxe0213 · Feb 25, 2015

goobmcnasty said:
Edit:

Found it. But it says I don't have any tax documents. Does that mean I didn't make the required 20K?

How do we determine what we spent?

I think if it says that it just means your fine.

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