Paypal 1099 time of the year..

[Pinbreaker]

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]

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]

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]

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]

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]

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]

Still waiting, PayPal.

 

[CollectorsCorner]

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

 

[bigalbert]

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

 

[All In Cards]

its there, mine says been available since 1/25

just printed it, way down from last year

 

[nerdherd020]

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]

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]

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

 

[CollectorsCorner]

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

 

[maxe0213]

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]

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]

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]

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]

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]

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.