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01-24-2014
| | Senior Member | | Join Date: Apr 2011
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Activity: 0% Longevity: 75% | | re: **2014 1099K questions **
do i need a 1099-K from paypal to file the income ? or can i do so without the 1099-k from paypal ?
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The complete step-by-step guide to get back to selling today!
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01-25-2014
| | Executive [VIP] | | Join Date: Sep 2007
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Activity: 0% Longevity: 96% | | re: **2014 1099K questions **
Start checking your paypal inbox.
1099 incomings started.
Have got some.
nyc reported the arrival of one as well. | The Following User Says Thank You to GreenBean For This Useful Post: | |
01-26-2014
| | Executive [VIP] | | Join Date: Nov 2013
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Activity: 0% Longevity: 60% | | re: **2014 1099K questions **
You can also call paypal and ask them what the gross total credit card processing was. It takes them less than 1 minute to get you the info.
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01-26-2014
| Junior Member | | Join Date: Jun 2013
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Activity: 0% Longevity: 62% | | re: **2014 1099K questions **
Finally got my 1099K and tried to file my taxes with HR Block Deluxe, however I can find nowhere to enter a 1099K, spent 2 hours online with their live chat only for her to finally tell me she couldn't help and I should try the tax community on hrblock.com, which I did and there is nothing about a 1099K on their either. This is the first year I have ever recieved one, anybody have an experience from in the past where these are entered at on a return?
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01-27-2014
| | Executive [VIP] | | Join Date: Nov 2013
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Activity: 0% Longevity: 60% | | re: **2014 1099K questions **
There is no place. Accountants simply throw them away. The 1099K is ONLY the gross amount of income reported to the IRS, so your gross income must meet or exceed all your 1099ks, k2, w2, etc combined....on your tax return.
So if you state your gross income is $100,000.00 and your 1099K says $105,020.31 the IRS knows something fishy is going on.
To be clear, there is no place on any IRS papers to add the total or add a form. It is simply a check and balance tool for IRS to monitor small business owners and self employed people.
Last edited by GreenBean; 01-29-2014 at 05:59 AM.
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01-27-2014
| Junior Member | | Join Date: Nov 2013
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Activity: 0% Longevity: 60% | | re: **2014 1099K questions **
You have to file schedule C, claim all your deductions assuming you are a sole proprietor, and enter the result on line 12 . You don't want your 1099 income reported as gross income.
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01-29-2014
| Executive [VIP] | | Join Date: Nov 2012
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Activity: 0% Longevity: 66% | | re: **2014 1099K questions ** Quote:
Originally Posted by acreech41311 I am pretty sure I will receive a 1099K this year, my question is when is it available to view online usually? I checked today and it said I had no tax documents for 2013, just wondering if anyone remembers about what time it usually shows up each year. | I checked mine from last year the other day and it said something like mid Feb. I want to say it was like the 12th or the 15th.
But if you get a 1099k to respond to the other questions you need to file a schedule C as stated by other members. You can deduct your expenses and everything else. Hope you saved your receipts. If this is your first time you can probably claim it as a one time hobby. Next year you really need to go through and get your Sales Tax for your state, business license if necessary in your City/County, etc.
Not like it use to be. Have to learn to comply or stop doing what you doing. The old days are gone.
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01-30-2014
| Executive [VIP] | | Join Date: Nov 2012
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Activity: 0% Longevity: 66% | | re: **2014 1099K questions **
Will update on my end. Got email saying my 1099K was available online today.
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01-31-2014
| | Junior Member | | Join Date: Oct 2012
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Activity: 0% Longevity: 66% | | Does Paypal send electronic or hard tax notices .
Does Paypal send electronic or hard tax notices?
I ask because they have my real tax id but stealth address .
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01-31-2014
| | Executive [VIP] | | Join Date: May 2013
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Activity: 0% Longevity: 63% | | Re: Does Paypal send electronic or hard tax notices .
All I got so far was an email, telling me that I am 1099'ed and that I can view it through PP. I have not received anything in the mail, nor do I believe I am getting anything in the mail from how that email sounded. I am assuming here, but if you didn't get an email by now, I would think you do not have a 1099.
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01-31-2014
| Senior Member | | Join Date: Jan 2013
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Activity: 0% Longevity: 65% | | Re: Does Paypal send electronic or hard tax notices .
Did most receive them yet??? I just broke the threshold on one account but no email or mail yet
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01-31-2014
| | Executive [VIP] | | Join Date: May 2013
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Activity: 0% Longevity: 63% | | Re: Does Paypal send electronic or hard tax notices .
I received my email about a week ago or longer. I would think since they have to be postmarked by today (Jan 31st) then they would have to be emailed by today as well.
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01-31-2014
| Executive [VIP] | | Join Date: Nov 2012
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Activity: 0% Longevity: 66% | | Re: Does Paypal send electronic or hard tax notices .
Got my 2011 1099k in the mail, the 2012 one last year never came via mail. So I had to print it off PayPal. I think they are suppose to send one to you in the mail. But it is just as easy to print it off PayPal. It is a one page form and a second page of Tax Disclaimers, etc.
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01-31-2014
| | Executive [VIP] | | Join Date: Sep 2007
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Activity: 0% Longevity: 96% | | Re: Does Paypal send electronic or hard tax notices . Quote:
Originally Posted by Dmshark25 Did most receive them yet??? I just broke the threshold on one account but no email or mail yet | Some of us have got them in the last 14 days. http://www.aspkin.com/forums/subscri...d-emailed.html
__________________ REAP WHAT YOU SOW. LIFE IS SO NOT FAIR. | The Following User Says Thank You to GreenBean For This Useful Post: | |
01-31-2014
| Senior Member | | Join Date: Jan 2013
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Activity: 0% Longevity: 65% | | Re: **2014 1099K questions **
Thanks GB I found the thread few minutes after my post
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01-31-2014
| Banned | | Join Date: Apr 2009
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Activity: 0% Longevity: 87% | | Re: **2014 1099K questions ** Quote:
Originally Posted by Shadowmoe7 i assume you guys are not using stealth ? | What?????
Is this a joke?
Are you saying no one using a stealth gets a 1099?
You need to spend more time reading and being active because this question tells me you are not keeping up with things.
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01-31-2014
| Banned | | Join Date: Apr 2009
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Activity: 0% Longevity: 87% | | Re: **2014 1099K questions **
Received my 1099 for my real account and I stayed under the radar for the stealth.
So they should be coming soon for both real and stealth accounts.
LOL--- I told you guys 2 years ago spreading sales over multiple accounts is the way to go.
I do however pay taxes on the profits from all accounts I sell on. Just dont need a 1099 to report your earnings in most cases.
A good book keeper comes in handy folks.
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01-31-2014
| Senior Member | | Join Date: Jan 2013
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Activity: 0% Longevity: 65% | | Re: **2014 1099K questions **
Yea I just almost made it under with all my accounts except one I just went over about $22,000 maybe little more for the year on that one, but that is in my real name and I think it's good to have at least one 1099 or w2 for the year anyway, but still waiting on that it will probably come over the weekend, I did receive a w2 from my job that I phased out completely in October, went from full, to partime, to weekends, every other weekend than to a spare tire and finally a triple time eBayer
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01-31-2014
| Banned | | Join Date: Apr 2009
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Activity: 0% Longevity: 87% | | Re: **2014 1099K questions ** Quote:
Originally Posted by Dmshark25 Yea I just almost made it under with all my accounts except one I just went over about $22,000 maybe little more for the year on that one, but that is in my real name and I think it's good to have at least one 1099 or w2 for the year anyway, but still waiting on that it will probably come over the weekend, I did receive a w2 from my job that I phased out completely in October, went from full, to partime, to weekends, every other weekend than to a spare tire and finally a triple time eBayer | Agreed.
You need at least one 1099 to take advantage of the write offs and deductions etc.
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02-02-2014
| Senior Member | | Join Date: Jan 2014
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Activity: 0% Longevity: 59% | | Re: **2014 1099K questions ** Quote:
Originally Posted by acreech41311 Finally got my 1099K and tried to file my taxes with HR Block Deluxe, however I can find nowhere to enter a 1099K, spent 2 hours online with their live chat only for her to finally tell me she couldn't help and I should try the tax community on hrblock.com, which I did and there is nothing about a 1099K on their either. This is the first year I have ever recieved one, anybody have an experience from in the past where these are entered at on a return? | 1099 for STEALTH A/C holder? or only for legit a/c holder with SS # attached?
Many of the stealth a/c holder do not have access to the address that are used including myself. But got 2 1099 for each of my legit a/c which was suspended last Dec 2013. like one member said " don't like to pay the interest to the govt"...lol But i guess I have to pay cause both of the a/c have ss # attached to it..Does anyone know if we should get any return from it or just pay ?...lol .I mean I paid over 4500 + seller fees both account combined and cost of supplies....Any advice/input will be highly appreciated....
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02-02-2014
| Senior Member | | Join Date: Jan 2013
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Activity: 0% Longevity: 65% | | Re: **2014 1099K questions **
That's what you need your accountant to figure out
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02-03-2014
| Junior Member | | Join Date: Nov 2013
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Activity: 0% Longevity: 60% | | Re: **2014 1099K questions **
You file form 1040 schedule C and enter the results from that schedule on line 12 of form 1040. The Info on form 1040 is your gross sales
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