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Old 01-26-2017
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Default Has the 200/20000 limits reset this tax year?

Sorry if this gets rehashed every year but i want to inquire before moving forward. Have the 200/20000 limits reset yet for this tax year? I have many accounts on the side that have gotten the first or second notice from paypal in 2016 to add an EIN. I have stopped selling and put those accounts to the side (before receiving the tax id limitation where they no longer allow you to receive payments).

Jan of 2017 is almost over and my 1099 form has been issued for my one account that has an EIN attached, so i want to know if this means i am good to sell on my other accounts with no EIN that i have had on the side since 2016. I figured since PayPal is issuing the 1099 forms that it's just about time that the tax ID limits get reset. Has anybody tried yet?
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Old 01-26-2017
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Default Re: Has the 200/20000 limits reset this tax year?

The tax year ended on December 31st 2016.
Jan 1st 2017 started a new tax year so those limits are reset on that date.
This is of course all technical. Who knows if paypal will glitch or not (although it has never happened before.)
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Old 01-26-2017
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Default Re: Has the 200/20000 limits reset this tax year?

Thanks slokor. I am always hesistant and like to get some feedback from people who have tried. Also pp is glitching in that the tax id request notification is not disappearing from my accounts (which happened last year). But i know this doesnt nexessarily mean the tax id limits have not reset.
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Old 01-26-2017
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Default Re: Has the 200/20000 limits reset this tax year?

Quote:
Originally Posted by nodeal View Post
Thanks slokor. I am always hesistant and like to get some feedback from people who have tried. Also pp is glitching in that the tax id request notification is not disappearing from my accounts (which happened last year). But i know this doesnt nexessarily mean the tax id limits have not reset.
If you're still getting the Tax ID notification then that's exactly what that means. In 2016 my accounts didn't reset until the end of January once all 1099's went out, but the couple of little accounts I've tried selling on this year have all been reset already (3 accounts maybe).

Once the tax ID request goes away on your Paypal account, you're good to start selling again.
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Default Re: Has the 200/20000 limits reset this tax year?

Well the 1099 apply to the previous year and will always take a few weeks to be generated and sent out.
The new tax year though starts on Jan 1st so 'technically' he should be good to go from day one. I myself have never had an issue doing things this way.
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Default Re: Has the 200/20000 limits reset this tax year?

Quote:
Originally Posted by phaz0rz View Post
If you're still getting the Tax ID notification then that's exactly what that means. In 2016 my accounts didn't reset until the end of January once all 1099's went out, but the couple of little accounts I've tried selling on this year have all been reset already (3 accounts maybe).

Once the tax ID request goes away on your Paypal account, you're good to start selling again.
On almost all of my accounts that got the tax ID request in 2015 the notification at the top never went away in 2016. I sold on them and all was well. Sometimes the notification doesnt go away even when your tax id limits have been reset. It seems to be a glitch i experienced throughout many accounts.
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Default Re: Has the 200/20000 limits reset this tax year?

Quote:
Originally Posted by nodeal View Post
On almost all of my accounts that got the tax ID request in 2015 the notification at the top never went away in 2016. I sold on them and all was well. Sometimes the notification doesnt go away even when your tax id limits have been reset. It seems to be a glitch i experienced throughout many accounts.
I wasn't referring to the little number in the corner of your profile. I meant the full page prompt you usually get on an account approaching (or that has reached) 200/$20,000 when you login. The page you are taken to after you login before you're directed to your Summary page. I can say for certain that Tax ID prompt page goes away once your limits reset, because I've verified it on several accounts this and last year.
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Default Re: Has the 200/20000 limits reset this tax year?

has the prompt gone away for you this year yet?
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Default Re: Has the 200/20000 limits reset this tax year?

Quote:
Originally Posted by Fice View Post
has the prompt gone away for you this year yet?
I've started 3 of my small accounts back up for 2017, and the Tax ID prompt had gone away for all 3 in the first week of the year.
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Default Re: Has the 200/20000 limits reset this tax year?

Quote:
Originally Posted by phaz0rz View Post
I wasn't referring to the little number in the corner of your profile. I meant the full page prompt you usually get on an account approaching (or that has reached) 200/$20,000 when you login. The page you are taken to after you login before you're directed to your Summary page. I can say for certain that Tax ID prompt page goes away once your limits reset, because I've verified it on several accounts this and last year.
Ah yes, this is true I have noticed the same thing as well. Thanks for clarifying!
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Default Re: Has the 200/20000 limits reset this tax year?

you can see that on online 1099 spread sheet in excel - the list includes the last transactions included in 1099 for that year
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Default Re: Has the 200/20000 limits reset this tax year?

Quote:
Originally Posted by olekstom87 View Post
you can see that on online 1099 spread sheet in excel - the list includes the last transactions included in 1099 for that year
Ummm... what????
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Default Re: Has the 200/20000 limits reset this tax year?

I dont know if everyone has it. But I had this year 2 files showing up on jan 24 for 2016 year - one is 1099-k, and another (do not recall the exact name) is a list a transactions included in that 1099-k made in excel csv file
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Default Re: Has the 200/20000 limits reset this tax year?

There are tons of different reports available in the Paypal reporting center. You can get monthly summaries, annual summaries, monthly/annual transaction breakdowns, 1099's for however many years you've been selling, etc...
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Default Re: Has the 200/20000 limits reset this tax year?

Is it normal for the notification icon of the bell to still be there after the reset? It says

"Some of your account features may be unavailable..... tax info needs updating."
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Old 01-28-2017
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Default Re: Has the 200/20000 limits reset this tax year?

Quote:
Originally Posted by Fice View Post
Is it normal for the notification icon of the bell to still be there after the reset? It says

"Some of your account features may be unavailable..... tax info needs updating."
Apparently that is normal this year because someone else mentioned that too.

As long as the prompt asking for your tax ID has gone away, you're good to sell again.
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Old 01-29-2017
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Default Re: Has the 200/20000 limits reset this tax year?

Hey guys, just a follow up question. I have an account that got the first Tax ID request on Dec 29. Am I good to sell on this account? I still see the Tax ID notification and the top corner of my pp screen, but there is no prompt to enter my Tax ID info when I log in to paypal (tried 3 times).

Curious if anyone has experience in this situation. Thank you
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Default Re: Has the 200/20000 limits reset this tax year?

I am seeing this when I log into my Paypal account. The tax request happened in December 2016 btw.

"Provide us with your tax ID number so we can send you Form 1099-K as required by the IRS under certain conditions. Find out more information at www.paypal.com/irs"

This is near the notification bell at the top. Has anyone had this not go away for a while? All the threads I've read either say it will be gone on Jan. 1st of the new year or by the end of January.

Well, it's February 2017 and the request is still there. Has anyone had any experience with this before? In one of my readings, someone in a certain thread mentioned it can be on here for as long as 6 months! So that's June...
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Old 02-02-2017
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Default Re: Has the 200/20000 limits reset this tax year?

Quote:
Originally Posted by StubsKing View Post
I am seeing this when I log into my Paypal account. The tax request happened in December 2016 btw.

"Provide us with your tax ID number so we can send you Form 1099-K as required by the IRS under certain conditions. Find out more information at www.paypal.com/irs"

This is near the notification bell at the top. Has anyone had this not go away for a while? All the threads I've read either say it will be gone on Jan. 1st of the new year or by the end of January.

Well, it's February 2017 and the request is still there. Has anyone had any experience with this before? In one of my readings, someone in a certain thread mentioned it can be on here for as long as 6 months! So that's June...
Go back and read the rest of the thread. The little notification with the number at the top right of your profile doesn't appear to be going away this year. But as long as you aren't given the full page prompt asking for your Tax ID when you login (before you go to the home page), then your limit has reset and you're good to start selling again.
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Default Re: Has the 200/20000 limits reset this tax year?

Quote:
Originally Posted by phaz0rz View Post
Go back and read the rest of the thread. The little notification with the number at the top right of your profile doesn't appear to be going away this year. But as long as you aren't given the full page prompt asking for your Tax ID when you login (before you go to the home page), then your limit has reset and you're good to start selling again.
Awesome, thank you for the clear answer. I read through the thread and missed that info, looks like I gotta improve my reading comprehension
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