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Default you have no 2019 tax documents

I have two paypal accounts, both reach the requirements to receive a 1099 k.

However, 1 account said that you have no 2019 tax documents, and another one still shows the 1099 k for year 2018(no 2019).

Anyone have any ideas?
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Default Re: you have no 2019 tax documents

If they didn't send it to you, it was not reported. I would talk to your accountant for advice
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Default Re: you have no 2019 tax documents

If you think 1099's should have been created but they weren't, then you probably passed one threshold but not the other one. You need to have over 200 transactions, totaling more than $20,000, for them to create 1099's for your account.
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Default Re: you have no 2019 tax documents

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Originally Posted by phaz0rz View Post
If you think 1099's should have been created but they weren't, then you probably passed one threshold but not the other one. You need to have over 200 transactions, totaling more than $20,000, for them to create 1099's for your account.
I definytely have over 200 transactions, but not sure if the total more than 20k.
So if I don't have a total over 20k, I will not have a 1099 form even I have over 200 transactions?
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Default Re: you have no 2019 tax documents

That is correct. You have to go over both.

If you start getting close to either threshold (200 sales or $20k in sales) Paypal forces you to add your tax ID, because they know if you go over both, they are obligated to make a 1099 with your tax ID on it.
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Default Re: you have no 2019 tax documents

you can get a 1099K when you have less than 200 transactions and $20K,as Paypal does not back out the sales tax you collected and your refund.
so if you are reporting income on your small business form,make sure you deduct such to arrive at net sales
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Default Re: you have no 2019 tax documents

Paypal does not remove the sales tax you collected and the refund you made to your customer,it is gross sales,so you need to do it yourself if you receive 1099K
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Default Re: you have no 2019 tax documents

So what I should do now? Just count all the sales,refund and the sale taxes myself?
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Default Re: you have no 2019 tax documents

PAYPAL keeps 7 years of history ,so you should be able to download 2019 activities,choose the right format and choose the data you want to include in the report,it should show each order,name of person,item description,amount,shipping adr and sales tax collected.
if you have issued a refund it should show as well,
they are 3 formats,make sure you choose the right format.
if you have your own sales ledger ,you should use that ,or just get an estimate,you must have some idea how many refund you have made,as for sales tax,they are usually very small,mine is like 2 % of sales
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Default Re: you have no 2019 tax documents

there is also annual summary,one page which showed your refund,paypal fee,but not sales tax,also it may have discontinued it.
just go to report section and find the right report
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Default Re: you have no 2019 tax documents

Quote:
Originally Posted by agent006140 View Post
PAYPAL keeps 7 years of history ,so you should be able to download 2019 activities,choose the right format and choose the data you want to include in the report,it should show each order,name of person,item description,amount,shipping adr and sales tax collected.
if you have issued a refund it should show as well,
they are 3 formats,make sure you choose the right format.
if you have your own sales ledger ,you should use that ,or just get an estimate,you must have some idea how many refund you have made,as for sales tax,they are usually very small,mine is like 2 % of sales
Thanks a lot. I will download the files and count myself.
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