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Old 10-16-2013
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Default 1099k

Hello,

I have well under the 200 payments but over the $20k. Will I get a 1099k from them?
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Default Re: 1099k

It's 200 and 20k not or, so you shouldn't get it.
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Default Re: 1099k

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Originally Posted by Tag123 View Post
Hello,

I have well under the 200 payments but over the $20k. Will I get a 1099k from them?
You need to be aware that you may be asked for tax info when you sell as little as $5000.

paypal asks on projected sales.

Your responsibility is to take advice and make sure you are covered for anything paypal decides to do.

Forum does not give tax advice. You must see a professional.

Start with

Internal Revenue Service

It is free to use and user friendly.
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Default Re: 1099k

Projected sales means ...e.g. you get 1 month sales revenue of 2k...you could be limited since 2k x 12 months = 24k....that's why you need to operate SLOWLY...an example, is all.
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Default Re: 1099k

This is a semi legit account, that my EIN is attached to. I was just wanting to know if PayPal sticks to the 200 AND $20k before sending you a 1099k.
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Default Re: 1099k

123 answered your question. Let me google that for you
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Default Re: 1099k

The 200/20000 is a IRS rule and you need to meet both requirements and like mentioned u will get asked when reaching between $4500-$6500 especially if a big percent comes in a month
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Old 10-18-2013
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Default Re: 1099k

You have to meet both requirements. If you haven't provided a Tax ID then PayPal's system will block you from receiving funds and closing the account before that happens.
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Default Re: 1099k

@Tag123, if your sales are so worrisome to you (the amount I mean), best to seek advice of financial professional e.g. accountant
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Default Re: 1099k

Ok, thanks guys. It's clear to me now that I have to meet BOTH the $20k AND 200 payments in order to get the 1099k.
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Default Re: 1099k

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Originally Posted by rsot View Post
@Tag123, if your sales are so worrisome to you (the amount I mean), best to seek advice of financial professional e.g. accountant
My sales are not an issue, it's just that I do not make very much profit on them as compared to the total (gross). I have like $60k in payments for which I have maybe made $5 in profit. If I got hit with a 1099k I would have some explaining to do.
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Default Re: 1099k

Quote:
Originally Posted by Tag123 View Post
My sales are not an issue, it's just that I do not make very much profit on them as compared to the total (gross). I have like $60k in payments for which I have maybe made $5 in profit. If I got hit with a 1099k I would have some explaining to do.
Ah ok so not much more advice can be given - change up product lines for more profit or get ready with documentation.

ALTERNATIVELY, get 5 stealth accounts going and bring sales DOWN per each account...rotate
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