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Old 06-18-2016
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Default IRS Form 1099-K Name & SSN/EIN not matching, how to file tax?

I want to know how do you file tax when the Form 1099k info is not matching. Becuase the SSN & EIN is my own SSN/EIN. Stealth paypal is with ⊗⊗⊗⊗ name on it. So the 1099k Form will come up with other people's name and my SSN/EIN. How do you file tax with that?

I had contacted my accountant, she told me that if the name and SSN/EIN is not matching. It will cause some problem if IRS find out that.
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Old 06-18-2016
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Default Re: IRS Form 1099-K Name & SSN/EIN not matching, how to file tax?

You should under no circumstances have your SSN on an account with a false name. That's what the EIN is for. So you can identify yourself as a business rather than an individual.

When tax time comes you just file taxes for the EIN. I took 1099's to my accountant last year with 3 different names on them. But, none of my accounts have SSN's. I can only imagine there would be some problems if you have both an EIN and SSN on the 1099.
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Old 06-18-2016
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Default Re: IRS Form 1099-K Name & SSN/EIN not matching, how to file tax?

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Originally Posted by phaz0rz View Post
You should under no circumstances have your SSN on an account with a false name. That's what the EIN is for. So you can identify yourself as a business rather than an individual.
Couldn't agree more Phaz0rz, you need to keep the EIN as a business entity, that way no big problems with taxes. While I'm pretty sure a good accountant could straighten it out for you, its a huge headache that can be avoided fairly easily.
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Old 06-18-2016
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Originally Posted by davids01 View Post
Couldn't agree more Phaz0rz, you need to keep the EIN as a business entity, that way no big problems with taxes. While I'm pretty sure a good accountant could straighten it out for you, its a huge headache that can be avoided fairly easily.
So filing tax with the 1099k for that's with random names and ein is not going to be any problem right?
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Old 06-19-2016
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Default Re: IRS Form 1099-K Name & SSN/EIN not matching, how to file tax?

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Originally Posted by 247buy View Post
So filing tax with the 1099k for that's with random names and ein is not going to be any problem right?
That's correct. Name on the 1099 is irrelevant. You just file taxes as usual for the EIN.

This is one of those topics covered once per month around here..
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Old 06-19-2016
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Default Re: IRS Form 1099-K Name & SSN/EIN not matching, how to file tax?

Are you saying you have already put an SSN on a newish paypal?

You should never ever do that.


Last edited by GreenBean; 06-19-2016 at 08:16 AM.
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Old 06-19-2016
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Default Re: IRS Form 1099-K Name & SSN/EIN not matching, how to file tax?

It's even worse than that GB.

Real SSN + ⊗⊗⊗⊗ name = a variation of ID theft :(
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Default Re: IRS Form 1099-K Name & SSN/EIN not matching, how to file tax?

Quote:
Originally Posted by phaz0rz View Post
It's even worse than that GB.

Real SSN + ⊗⊗⊗⊗ name = a variation of ID theft :(
If you have a SSN attached to a pp account with a ⊗⊗⊗⊗ name, should never hit the 200/20000 right
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Default Re: IRS Form 1099-K Name & SSN/EIN not matching, how to file tax?

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Originally Posted by phaz0rz View Post
It's even worse than that GB.

Real SSN + ⊗⊗⊗⊗ name = a variation of ID theft :(
Now i know i shouldnt do that. Thank for your advise.
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Old 06-20-2016
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Default Re: IRS Form 1099-K Name & SSN/EIN not matching, how to file tax?

Why would you need to use a ⊗⊗⊗⊗ name? I thought that just one's name is not enough to link one to a banned account. So if OP's account is holding up with his real SSN, it would mean that SSN was not linked to a previously banned account, correct? Could OP solve his issue by changing his name to his real one?

I guess we would need to know about OP's address / phone info too...
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Old 06-20-2016
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Default Re: IRS Form 1099-K Name & SSN/EIN not matching, how to file tax?

Quote:
Originally Posted by EWHendo View Post
Why would you need to use a ⊗⊗⊗⊗ name? I thought that just one's name is not enough to link one to a banned account. So if OP's account is holding up with his real SSN, it would mean that SSN was not linked to a previously banned account, correct? Could OP solve his issue by changing his name to his real one?

I guess we would need to know about OP's address / phone info too...
No, i will not use my SSN because if i use SSN for stealth paypal. Its going to be a problem while im filing tax. So i will use EIN instead.

i just need to make sure i can file tax when name and EIN is not matching, then i can just use stealth paypal instead of creating another one with my name.
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Old 06-21-2016
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Default Re: IRS Form 1099-K Name & SSN/EIN not matching, how to file tax?

As long as all your other info is different than the info on your banned account. You can use your real name with a sole proprietor ein.

That's what I have going anyway
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Old 06-21-2016
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Default Re: IRS Form 1099-K Name & SSN/EIN not matching, how to file tax?

Eh, why sole proprietor?
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Old 06-21-2016
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Default Re: IRS Form 1099-K Name & SSN/EIN not matching, how to file tax?

Quote:
Originally Posted by 247buy View Post
No, i will not use my SSN because if i use SSN for stealth paypal. Its going to be a problem while im filing tax. So i will use EIN instead.

i just need to make sure i can file tax when name and EIN is not matching, then i can just use stealth paypal instead of creating another one with my name.
You can not do this.

When paypal asks the IRS if the info matches, the negative reply makes a lot of trouble for you.
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Old 06-21-2016
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Default Re: IRS Form 1099-K Name & SSN/EIN not matching, how to file tax?

Honestly, because that is the option I selected when registering, without really knowing any better. I figured I would try it since I already had it anyway, and so far so good
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Old 06-21-2016
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Default Re: IRS Form 1099-K Name & SSN/EIN not matching, how to file tax?

Ah I got you. Whatever works, right?

I'm not a tax expert but I do know (shoutout to yankee and jeff!) you're taxed differently based on how you are incorporated. Have you talked to an accountant? Do you even file articles of incorporation with a sole proprietor EIN?
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Old 06-21-2016
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Default Re: IRS Form 1099-K Name & SSN/EIN not matching, how to file tax?

Quote:
Originally Posted by phaz0rz View Post
Ah I got you. Whatever works, right?

I'm not a tax expert but I do know (shoutout to yankee and jeff!) you're taxed differently based on how you are incorporated. Have you talked to an accountant? Do you even file articles of incorporation with a sole proprietor EIN?
Ah I got you. Whatever works, right?

I'm not a tax expert but I do know (shoutout to yankee and jeff!) you're taxed differently based on how you are incorporated. Have you talked to an accountant? Do you even file articles of incorporation with a sole proprietor EIN?[/quote]

sole proprietor is the most taxed entity(actually not one, just you doing business) and with the maximum amount of liability.

No matter what the first 15% of your NET income goes to Self Employment Taxes for example. Then you start adding on Federal and State taxes. You can not write off much in comparison to an LLC and ideally a Corp/multi member LLC taxed as an s-corp(most advantages for most people)

BUT under some circumstances, it can be a tax advantage if you lose money and want to offset other income from w2s etc.. or qualify for Obamacare or other government assistance easier but that is a pretty sad business plan....

Nobody should PLAN on not making money to reap rewards from a government system for being unsuccessful.
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