1099k - eBay Suspended & PayPal Limited Forums
eBay Suspension & PayPal Limited Forums  
Join Today
Register Subscribe
     

Registration is fast, simple and absolutely free so please, join our community today!


Go Back   Home > Platform Discussions > PayPal Talk

PayPal Talk PayPal Forums. General issues related to PayPal.

Reply
 
Thread Tools
  #1  
Old 10-16-2013
Junior Member
 
Join Date: Feb 2013
Posts: 122
Thanks: 0
Thanked 4 Times in 3 Posts
Activity: 0%
Longevity: 64%
iTrader: (0)
Default 1099k

Hello,

I have well under the 200 payments but over the $20k. Will I get a 1099k from them?
Reply With Quote
The complete step-by-step guide to get back to selling today!

  #2  
Old 10-16-2013
123's Avatar
123 123 is offline
Executive [VIP]
 
Join Date: Jul 2010
Posts: 3,165
Thanks: 390
Thanked 1,244 Times in 705 Posts
Activity: 0%
Longevity: 79%
iTrader: (631)
Default Re: 1099k

It's 200 and 20k not or, so you shouldn't get it.
Reply With Quote
  #3  
Old 10-16-2013
GreenBean's Avatar
Executive [VIP]
 
Join Date: Sep 2007
Posts: 42,343
Thanks: 5,612
Thanked 9,142 Times in 7,106 Posts
Activity: 0%
Longevity: 96%
iTrader: (6)
Default Re: 1099k

Quote:
Originally Posted by Tag123 View Post
Hello,

I have well under the 200 payments but over the $20k. Will I get a 1099k from them?
You need to be aware that you may be asked for tax info when you sell as little as $5000.

paypal asks on projected sales.

Your responsibility is to take advice and make sure you are covered for anything paypal decides to do.

Forum does not give tax advice. You must see a professional.

Start with

Internal Revenue Service

It is free to use and user friendly.
__________________
REAP WHAT YOU SOW. LIFE IS SO NOT FAIR.
Reply With Quote
The Following User Says Thank You to GreenBean For This Useful Post:
An0nym0u$ (10-17-2013)
  #4  
Old 10-16-2013
rsot's Avatar
Executive [VIP]
 
Join Date: Dec 2009
Posts: 75,855
Thanks: 5,926
Thanked 8,909 Times in 8,202 Posts
Activity: 99%
Longevity: 83%
iTrader: (7)
Default Re: 1099k

Projected sales means ...e.g. you get 1 month sales revenue of 2k...you could be limited since 2k x 12 months = 24k....that's why you need to operate SLOWLY...an example, is all.
Reply With Quote
  #5  
Old 10-17-2013
Junior Member
Threadstarter  
 
Join Date: Feb 2013
Posts: 122
Thanks: 0
Thanked 4 Times in 3 Posts
Activity: 0%
Longevity: 64%
iTrader: (0)
Default Re: 1099k

This is a semi legit account, that my EIN is attached to. I was just wanting to know if PayPal sticks to the 200 AND $20k before sending you a 1099k.
Reply With Quote
  #6  
Old 10-17-2013
Executive [VIP]
 
Join Date: Oct 2011
Posts: 529
Thanks: 118
Thanked 157 Times in 116 Posts
Activity: 0%
Longevity: 72%
iTrader: (0)
Default Re: 1099k

123 answered your question. Let me google that for you
Reply With Quote
The Following User Says Thank You to JJGold For This Useful Post:
An0nym0u$ (10-17-2013)
  #7  
Old 10-17-2013
Senior Member
 
Join Date: Jan 2013
Posts: 4,410
Thanks: 242
Thanked 1,595 Times in 1,075 Posts
Activity: 0%
Longevity: 65%
iTrader: (0)
Default Re: 1099k

The 200/20000 is a IRS rule and you need to meet both requirements and like mentioned u will get asked when reaching between $4500-$6500 especially if a big percent comes in a month
Reply With Quote
  #8  
Old 10-18-2013
Executive [VIP]
 
Join Date: Nov 2012
Posts: 3,097
Thanks: 408
Thanked 668 Times in 494 Posts
Activity: 0%
Longevity: 66%
iTrader: (0)
Default Re: 1099k

You have to meet both requirements. If you haven't provided a Tax ID then PayPal's system will block you from receiving funds and closing the account before that happens.
Reply With Quote
  #9  
Old 10-18-2013
rsot's Avatar
Executive [VIP]
 
Join Date: Dec 2009
Posts: 75,855
Thanks: 5,926
Thanked 8,909 Times in 8,202 Posts
Activity: 99%
Longevity: 83%
iTrader: (7)
Default Re: 1099k

@Tag123, if your sales are so worrisome to you (the amount I mean), best to seek advice of financial professional e.g. accountant
Reply With Quote
  #10  
Old 10-18-2013
Junior Member
Threadstarter  
 
Join Date: Feb 2013
Posts: 122
Thanks: 0
Thanked 4 Times in 3 Posts
Activity: 0%
Longevity: 64%
iTrader: (0)
Default Re: 1099k

Ok, thanks guys. It's clear to me now that I have to meet BOTH the $20k AND 200 payments in order to get the 1099k.
Reply With Quote
  #11  
Old 10-18-2013
Junior Member
Threadstarter  
 
Join Date: Feb 2013
Posts: 122
Thanks: 0
Thanked 4 Times in 3 Posts
Activity: 0%
Longevity: 64%
iTrader: (0)
Default Re: 1099k

Quote:
Originally Posted by rsot View Post
@Tag123, if your sales are so worrisome to you (the amount I mean), best to seek advice of financial professional e.g. accountant
My sales are not an issue, it's just that I do not make very much profit on them as compared to the total (gross). I have like $60k in payments for which I have maybe made $5 in profit. If I got hit with a 1099k I would have some explaining to do.
Reply With Quote
  #12  
Old 10-18-2013
rsot's Avatar
Executive [VIP]
 
Join Date: Dec 2009
Posts: 75,855
Thanks: 5,926
Thanked 8,909 Times in 8,202 Posts
Activity: 99%
Longevity: 83%
iTrader: (7)
Default Re: 1099k

Quote:
Originally Posted by Tag123 View Post
My sales are not an issue, it's just that I do not make very much profit on them as compared to the total (gross). I have like $60k in payments for which I have maybe made $5 in profit. If I got hit with a 1099k I would have some explaining to do.
Ah ok so not much more advice can be given - change up product lines for more profit or get ready with documentation.

ALTERNATIVELY, get 5 stealth accounts going and bring sales DOWN per each account...rotate
Reply With Quote
Reply



Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Paypal 1099k as business, which name they put on the form markflood Subscriber Discussions 1 03-23-2013 06:14 PM
1099k question - zhan Amazon X 6 10-03-2012 11:36 PM
Question for those who recieved a 1099k fa'a Junior PayPal Talk 1 06-24-2012 09:41 AM
1099k and my amazon stealth account dindio31 Amazon 4 03-03-2012 11:13 PM
Got 1099k in the mail from Paypal even thou I never gave them an EIN/TIN/SSN mercurial333 Subscriber Discussions 8 02-04-2012 07:32 PM


Aspkin Group

All times are GMT -5. The time now is 08:40 PM.


Stop the guessing games and learn how you can quickly and easily get back on eBay today!
Read the best selling step-by-step eBay Suspension guide eBay Stealth!
Amazon Suspension? Read Amazon Ghost to get back on Amazon!
vBulletin® Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Ad Management by RedTyger
no new posts

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58