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Old 02-04-2017
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Default Taxed twice but way under $20K

So I have been VERY diligent and spread out my sales on 4 accounts, 2 legit and 2 stealth. So I just got tax documents from Paypal for $11,200 in sales and $13,600 in sales. WHAT? Everything I read said you had to cross over $20K. Boy am I screwed. "Lucy you got some splaining to do?"

What up wid dat.

Kajun
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Old 02-04-2017
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Default Re: Taxed twice but way under $20K

Its 'projected' as they THINK you will hit that threshold. Ive gotten the hit at 4k in sales and at 8k in sales before. Item wise, 75 items and 110 items.
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Old 02-05-2017
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Default Re: Taxed twice but way under $20K

why are you screwed? Just file your taxes as normal..... and if you did not supply tax numbers then no matter what there was no reporting to the IRS.
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Old 02-05-2017
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Default Re: Taxed twice but way under $20K

OP stated 2 real accounts...as in same SSN attached? both accounts are automatically combined as well as their totals.
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Old 02-06-2017
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Default Re: Taxed twice but way under $20K

None of that is right. I supplied my tax number, but it is end of year so I thought I was cool keeping under the $20K which EVIDENTLY is misconstrued on this site. I had one great month whereas I sold $3-4,000 and that is when I supplied my Tax number. I was not worried about any Forms as I knew I would not get over the 20K threshold. So beware 20K is a fallacy.
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Old 02-06-2017
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Default Re: Taxed twice but way under $20K

moron. you didnt even answer the issue. you dont understand stea.lth and are just running off at the mouth. notice how youre the only one claiming your drivel. move along
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Old 02-06-2017
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Default Re: Taxed twice but way under $20K

Quote:
Originally Posted by Kajunrook View Post
None of that is right. I supplied my tax number, but it is end of year so I thought I was cool keeping under the $20K which EVIDENTLY is misconstrued on this site. I had one great month whereas I sold $3-4,000 and that is when I supplied my Tax number. I was not worried about any Forms as I knew I would not get over the 20K threshold. So beware 20K is a fallacy.
Its quite simple mate. The two accounts have the same ssn/ tax number, so if you sell 10k on one account and 10k on the other, you have sold 20k for that tax number so you will receive a tax document. You have to have separate tax id numbers for every account in order for the 20k rule to apply.
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Old 02-06-2017
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Default Re: Taxed twice but way under $20K

Quote:
Originally Posted by Kajunrook View Post
So beware 20K is a fallacy.
Well......it is the Law based on the IRS and not at all a fallacy....


It is your lack of understanding.....
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