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  #1  
Old 01-27-2016
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Default About 1099-K

Hi,
I received an email notification 1099-K tax on 3 days ago.
My Ebay account has selling $25k in 2015
On Paypal I have print tax in 1099, so how can I pay it?
My address in California
Thank everybody
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  #2  
Old 01-27-2016
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Default Re: About 1099-K

do you know how to pay taxes?
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Old 01-27-2016
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Default Re: About 1099-K

File your taxes as usual. The 1099-k is irrelevant.
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  #4  
Old 01-27-2016
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Default Re: About 1099-K

Use your California address and SS#/ EIN # which ever you used with PayPal to pay your tax. Ever skip UNCLE SAM (IRS), You sell, you make profit and you pay tax on it so simply. I got 3 1099 with diff. address but will pay for all of them. Never a good idea to avoid tax. Shoe loose of business and pay little tax.
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Old 01-27-2016
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Default Re: About 1099-K

My problem is my address on Paypal is BOGUS -- So I got a 1099K with a bogus address. My name and SSN are real. So what can I do? How do I file the tax for 2015 and this 1099K with a ⊗⊗⊗⊗ addess?
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  #6  
Old 01-27-2016
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Default Re: About 1099-K

Quote:
Originally Posted by stealthninja View Post
My problem is my address on Paypal is BOGUS -- So I got a 1099K with a bogus address. My name and SSN are real. So what can I do? How do I file the tax for 2015 and this 1099K with a ⊗⊗⊗⊗ addess?
Nobody cares about the address.

You file taxes as normal. The 1099-K means nothing to you. No place on any tax form for the information.

You file your taxes based on your income, not the lower 1099-k. The 1099-k is for the IRS only. It is a report of your GROSS CREDIT CARD transactions. It is NOT YOUR INCOME. The address makes no difference to anything. It has no value.

File your taxes as you normally would. The whole entire point of the 1099-k is to keep you honest. 3-5 years from now the IRS will compare your 1099-k to your filed GROSS reported income to keep you honest.

So, if you still do not understand this, talk to your tax adviser, CPA, Accountant etc...
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  #7  
Old 01-27-2016
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Default Re: About 1099-K

Yankee, I can't thank you enough for the info you've provided. This will be my first year filing taxes for an EIN and I was also concerned about that address on the 1099. Glad to hear I'm not going to jail after all!
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  #8  
Old 01-29-2016
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Default Re: About 1099-K

Yankee, thank you very much buddy. Best of luck
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Old 02-01-2016
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Default Re: About 1099-K

Like they said don't worry about it. As long as what you file on your taxes as gross income is more or at least equal to what you have on your combined 1099's you're all good. One account I have on Amazon spit out 4 different 1099's because I had to change the name and EIN a couple times through the year.
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Old 02-03-2016
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Default Re: About 1099-K

I got 1099k for stealth name that had my EIN. Does it matter if name is not matching real name?
I will file tax under my real name SSN/EIN of course but...
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  #11  
Old 02-28-2016
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Default Re: About 1099-K

If I have 3 different stealth account with different names/address with my 3 real LLC EIN # attached to each of those paypal account. I can simply file my normal tax and just add all 3 income from the three 1099k and enter them under the business section? or do I need to file them separately ? thanks in advance for any help.
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