**2014 1099K questions ** including delivery expectations

[ace1977]

Here it is Feb 7th and I still have 2 paypal accounts that have not been re-set.

[keepongoing]

my friend has not received a thing from pp yet,

no email.

no mail documents.

nothing in history tax documents.

he believe he went over last year, but has gotten nothing as of today from paypal.

anyone else out there in the same boat as him???

is this normal??? is it possible he may not get one???

[Dmshark25]

Yea I had an account that was way over the 200 for items but jus broke $20,000 mark and still haven't received anything

[keepongoing]

thanks for the reply, anyone have any clue when paypal MUST send you the document by? like a date?? my buddy wants to do his taxes soon but doesnt know when or if this will even come how annoying!!!

[yankee]

Originally Posted by keepongoing

thanks for the reply, anyone have any clue when paypal MUST send you the document by? like a date?? my buddy wants to do his taxes soon but doesnt know when or if this will even come how annoying!!!

January 31st by law...

Received all of mine late in January on PAYPAL HISTORY, not all by email. I have not received a physical 1099 for the past two years from Amazon or Paypal but do with other merchant accounts.

[keepongoing]

well if thats the case its a giant pp FAIL.

its near mid feb and my friend has not gotten a thing,

he was at 26g for last year. no email no mail. zilch

[GreenBean]

Originally Posted by keepongoing

well if thats the case its a giant pp FAIL.

its near mid feb and my friend has not gotten a thing,

he was at 26g for last year. no email no mail. zilch

Then get your friend to do something about it instead of putting the burden on you....

He needs to be looking at doing something about taxes soon.

He runs a risk of being audited.

Let him know.

[yankee]

Originally Posted by keepongoing

well if thats the case its a giant pp FAIL.

its near mid feb and my friend has not gotten a thing,

he was at 26g for last year. no email no mail. zilch

A one minute call to paypal will give you the total. I truly mean 20 seconds, but after writing it down and reconfirming maybe 60 seconds time. I got my totals January 1st.

[Dmshark25]

I was about 23K AND No email nothing in paypal or mail.

I contacted paypal the rep said I that there is no tax document for my account, so maybe because I just Brie the threshold the last few days of the year may have something to do with it, but paypal did not report my earnings , so it's on me to take care of it

[keepongoing]

well I doubt my friend will report it since pp has not sent him a thing.

I think thats just plain insane.

He receives nothing from paypal for reporting purposes and he is basically just going to tell the gov he made a extra 23 g so he can be taxed on it.
I know I know, thats the way it should be, but u think if pp abides by this rule they would at least send him something for reporting purposes.

just insane. pp really dropped the ball. he is in the same boat as dmshark25.

knowing him he is not going to do anything about it and yes I have a feeling the worst may be coming for him.

yikes! and thanks for the help guys.

[keepongoing]

also what really sucks for him was he got the ban hammer on his ebay acct so now his pp is pretty much useless unless he JUST wants to buy stuff on ebay.

I am just not sure what to tell him, he doesnt want to call anymore since he was nearly in tears after losing his precious ebay account.

I guess he will probably just risk it, but I just dont know if pp didnt report his earnings how would they know? ssn??

[Dmshark25]

Just call paypal and ask them , it's not a secret , just call up and tell them that you need your 1099 , They will either have it or they will tell you that there is no 1099 for your paypal account it's that simple, not sure what all the panic is about . If you want to do your taxes just go to the report section in paypal and print out the sales report for year 2013,

The report is nice and detailed with all your sales, and breaks everything down from fees, to payments, very nice,just give that to your accountant and than all you need is all your other expenses like product invoices,shipping supplies, ink toner etc...

[unkown5454]

Originally Posted by Dmshark25

The report is nice and detailed with all your sales, and breaks everything down from fees, to payments, very nice,just give that to your accountant and than all you need is all your other expenses like product invoices,shipping supplies, ink toner etc...

People are too lazy to do that here. I have suggested this in multiple cases. Most people just respond with something like, "Oh boy, so much work!".

It seriously takes like 15 minutes to print all 12 months. People are pathetic.

[keepongoing]

Originally Posted by unkown5454

People are too lazy to do that here. I have suggested this in multiple cases. Most people just respond with something like, "Oh boy, so much work!".

It seriously takes like 15 minutes to print all 12 months. People are pathetic.

Easy to print a report buddy has already done that.

My question was regarding reporting and notification timeframes

The report is massive to breakdown a 1099 is much simpler.

I was looking from the beginning when pp legally needs to send notice and I got that answer.

[keepongoing]

He told me he isn't going to report a thing

Since pp never filed the form to him

How would they know what he made if pp never reported it?

That's his question and yes I warned him he may get audited

[yankee]

Originally Posted by keepongoing

He told me he isn't going to report a thing

Since pp never filed the form to him

How would they know what he made if pp never reported it?

That's his question and yes I warned him he may get audited

They wont know and in all reality, you are talking about a very small amount of money by IRS standards. 23k in sales is NOT 23K in profit or taxable income assuming he paid ebay fees, paypal fees, shipping and odds are he did not get items for free. In my world after all expenses 23k is a few grand in profit and for most people only a few hundred dollars in added taxes if not actual losses after all business expenses such as phone bills, auto allowances, home office, meals, utilities, etc... Odds are if this is his only business and other income is W2 earned, etc... his if screwing himself by not reporting it BUT every situation is different.

[yankee]

One thing to also take into consideration is just because your friend collected/sold 23k does not mean that the requirment for a 1099k was triggered. Many transactions do not count toward a 1099k such as anyone who pays with an echeck, paypal balance, ebay bucks, bill me later, paypal buyers credit, etc.... Any transfer or instant bank transfer through paypal also do not count towards a 1099k.
I have one paypal account that handed millions of dollars but only had $1,094,000.37 in sales but 1099K was only $867,543.20 1099K is only for credit card processing I hope this helps you understand why you may not have received a 1099k but had 23k in gross sales.

[keepongoing]

never heard that before, if that is true Im sure my friend is fine.