Tax reported without reaching requirements
Bakers16
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Posted on
Jan-30-2014
04:13 AM
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
3 REPLIES 3
snowshoe
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Jan-30-2014
11:37 AM
tanner1
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Jul-25-2014
12:51 PM
tanner1
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Jul-25-2014
12:54 PM
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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