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Old 02-08-2018
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Default 1099-K Issued For Under 200 Transactions Or 20k (Under 20 & Under $1,000)

So I've seen the 200 items and $20,000 being thrown around being somewhat of a threshold for Paypal to send out a 1099-K to you. I've received several so far this year, and one of them struck me as odd.

This particular 1099-K was around $750 with around 20 transactions for the year. It was a business account, so maybe that plays into why it was issued vs a personal account.

I guess anyone with stealth accounts that DID receive 1099-K's wouldn't know as they typically do not control the address on the account. I was just wondering if they were now doing 1099's for earnings of $600+ which is actually what the IRS requires for independent contractors,etc.

Anyone else received 1099-K's on personal accounts under the supposed limits?
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Old 02-08-2018
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Default Re: 1099-K Issued For Under 200 Transactions Or 20k (Under 20 & Under $1,000)

Ah, there is a trick with paypal.

They can send the request for projected sales. They make an estimate of what is going on with the account.

I have access to all my addresses.

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Default Re: 1099-K Issued For Under 200 Transactions Or 20k (Under 20 & Under $1,000)

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Originally Posted by GreenBean View Post
Ah, there is a trick with paypal.

They can send the request for projected sales. They make an estimate of what is going on with the account.

I have access to all my addresses.

Yea but the account in question was only a handful of sales and then limited within a week so it was odd that I got a 1099-K for it. The only things I thought it would be was the $600+ thing, that it was a business account, or that it was a limited account.
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Default Re: 1099-K Issued For Under 200 Transactions Or 20k (Under 20 & Under $1,000)

Paypal do strange things.

I have heard of them throwing the request for tax info, like I said on the projected amount.

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Old 02-08-2018
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Default Re: 1099-K Issued For Under 200 Transactions Or 20k (Under 20 & Under $1,000)

Quote:
Originally Posted by BaggaDonuts View Post
Yea but the account in question was only a handful of sales and then limited within a week so it was odd that I got a 1099-K for it. The only things I thought it would be was the $600+ thing, that it was a business account, or that it was a limited account.
GB makes a good case about projected sales - seems like that's what kicked in for you
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Old 02-08-2018
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Default Re: 1099-K Issued For Under 200 Transactions Or 20k (Under 20 & Under $1,000)

Quote:
Originally Posted by BaggaDonuts View Post
Yea but the account in question was only a handful of sales and then limited within a week so it was odd that I got a 1099-K for it. The only things I thought it would be was the $600+ thing, that it was a business account, or that it was a limited account.
Are you sure you didn't put the same tax ID on two accounts? I had a 1099 issued for under $20k on PP once but it was only because I used the same tax ID twice and the two accounts totaled over $20k.

I have a business account that received a lot more than $700 in 2017 and it wasn't issued a 1099 since it didn't pass 200/20k
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Default Re: 1099-K Issued For Under 200 Transactions Or 20k (Under 20 & Under $1,000)

The OP may be in one of the states where PP is reporting income to the state taxation authority, it's new and everybody has pretty much been caught by surprise, the threshold is crazy low, like around $5-600

They've been talking about it on ecommercebytes lately.
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Old 02-08-2018
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Default Re: 1099-K Issued For Under 200 Transactions Or 20k (Under 20 & Under $1,000)

Quote:
Originally Posted by dallis View Post
The OP may be in one of the states where PP is reporting income to the state taxation authority, it's new and everybody has pretty much been caught by surprise, the threshold is crazy low, like around $5-600

They've been talking about it on ecommercebytes lately.
Any idea which states are impacted?
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Default Re: 1099-K Issued For Under 200 Transactions Or 20k (Under 20 & Under $1,000)

Link to offsite article:

https://www.ecommercebytes.com/C/blo...517955236.html

also this one from today with more details;

https://www.ecommercebytes.com/2018/...99k-tax-forms/

Massachusetts and Vermont, it says.
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Default Re: 1099-K Issued For Under 200 Transactions Or 20k (Under 20 & Under $1,000)

Quote:
Originally Posted by phaz0rz View Post
Any idea which states are impacted?
Vermont and Massachusetts
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