Tax reported without reaching requirements

Bakers16
Contributor
Contributor

Hello,

 

I received notification this morning that Paypal sent the IRS my 1099-k. However, I did NOT meet the requirements. My earnings were over $20,000, but only 90 transactions. The 1099-K states this.

 

Why was it sent? I thought it was only if both components triggered? $20k and 200 transactions.

 

Can anyone tell me why this was done?

 

Thanks, 
Sandy

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3 REPLIES 3

snowshoe
Frequent Advisor
Frequent Advisor

Everything gets reported even if you don't have to file a 1099.

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tanner1
Contributor
Contributor

So what is the thing with 200 transactions and $20k if everything gets reported?Smiley Frustrated

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tanner1
Contributor
Contributor

https://cms.paypal.com/us/cgi-bin/marketingweb?cmd=_render-content&content_ID=marketing_us/IRS6050W:

PayPal is required to report gross payments received for sellers who receive over $20,000 in gross payment volume AND over 200 separate payments in a calendar year.




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