Forum

what happens when we go over the 20k limit in Paypal now?
 

I saw a post about this a while back that said not to go over that limit since the changes took place. I just wondered if those persons were an isolated incident or if we should keep our yearly sales under 20k. I would prefer to go over that. if I go over what kind of docs will Paypal ask for and are they actually approving those docs. I've sent in ⊗⊗⊗⊗ drivers licenses and receipts in the past and had limits removed but that was before this year's big change.

Re: what happens when we go over the 20k limit in Paypal now?
 

200 transactions and $20k,Paypal will need your SSN to create a 1099K,one to you and one to IRS.
That 20k is gross amount for payment received,include sales tax you collected and not included your refund,so when you file tax,you have to figure how much is net

Re: what happens when we go over the 20k limit in Paypal now?
 

20K is not even a limit. It is 200 and 20k. So nothing happens just going over 20k.

Re: what happens when we go over the 20k limit in Paypal now?
 

Also sending in F#$# info does not really work that often anymore. It may be unlimited for a day or week, but they seem to figure it out now.

Re: what happens when we go over the 20k limit in Paypal now?
 

THey'll ask for tax documents basically.
I'd say use multiple accounts just to be safe.

You don't want to play games with these people

Re: what happens when we go over the 20k limit in Paypal now?
 

It will ask you before you reach 200 /$20k,extrapolating your sales activities todate ,they figure you will reach 200/$20k before year end

Re: what happens when we go over the 20k limit in Paypal now?
 

I'm already over 200 orders and already gave them an EIN. I was just wondering if they were going to want more if so went over 20k. I remember reading that they did.

Re: what happens when we go over the 20k limit in Paypal now?
 

I’ve moved over 30-40k on one of my business accounts to put things into proper perspective. If you get restricted at some point and pass it, which is what happened to me, consider your account smooth sailing (to a degree).

When I got restricted btw all I had to do was send in receipts which I did. This was an “indefinite suspension” at first but I immediately emailed back and was able to fix things. I consider these gifts because once an account sees a serious restriction and it gets removed, something in their system for both PayPal and eBay really treat your account with way less security

Re: what happens when we go over the 20k limit in Paypal now?
 

some said no,some said yes,some said possibly.
but keep withdrawing your money ,dont leave it with Paypal,until one day it ask for your SSN
but like the other said,play it safe and open another stealth account.

Re: what happens when we go over the 20k limit in Paypal now?
 

I keep going back and forth on it. I want to build one particular store as large as my other two that got all the verification stuff done before the big change but at the same time I don't want to have to redo everything later. I may just create the extra accounts anyway and run the risk.