1099 K for 2016

[mega_man_zero]

Does anyone know when the expected 1099K should appear in our tax document folder for download?

[serenitystraws]

I contacted Paypal and this is their reply.  Seriously??  Mid-March???

PayPal Email

We will be sending out those reports around mid-February to mid-March to our customers. You should expect to see your report around that time.

[Whac-A-Mole]

You dont really need 1099k to file income tax return,get the Paypal annual summary ,it will show you how much you have received for the year less refund,chargebacks,,but not sales tax.

it also tells you how much is your Paypal fee,cash rebates from your PAYPAL DEbit card.

You dont need month by month breakdown unless you are audited. 

[racheleok]

!. I would NOT use the Paypal Annual Summary for the following reasons:

   It lists EVERY payment coming into account, EVEN PERSONAL payments. They lump them all together there. The only useful  

   information on there is "Paypal fees"

2. I have called and spoke to several people who have confirmed the date is "by January 31st."

3. The most ACCURATE way to find your amount of sales that will be tracked and reported is by doing the following:

a. Go to activity

b. Go to Statments

c. Go to dropdown and click "Reporting Center"

d. Create a download of Every tranaction, CSV file

e. Once it's ready and downloaded,  Sort by FEE AMOUNT, make sure it's the -number, Then make sure they are from payments you received, so the other number is positive. Then Highlight them. You'll notice to the extreme far Right column, They have a "2" or "1" for Seller protection. All of the "1" items are your sales for goods and services. 

KEEP THE CSV plus receipts for taxes.

[PayPal_AshleyP]

Hello everyone,

I apologize for any confusion caused by this response. To clarify, 1099-K forms will be issued by the 31st of January. You can find additional information about IRC Section 6050W here.  

-AshleyP

[Carpen14]

January 31st is too late for me to file with the State franchise tax board. I need the 1099 at least a day prior so I can offer them the correct information. How can I obtain my 1099 before January 31st?

I go through this every year. Paypal sends them out on the last day.

[DPCreations]

Do you really need to 1099k to complete your taxes; do you need to submit a copy to the IRS.  If not, then your own accounting records would be all you need to complete the forms.  PayPal would submit the 1099K to the IRS just as a reference.

[bigadventure]

dumbest answer I've ever seen...totally incorrect

[Stormspell]

So it is 5pm on 31st and I still haev not received my 1099-K... Is this a good excuse not to file my Franchise Tax Board taxes in time?

[DPCreations]

YOu can file your taxes when you are ready.  The 1099k is for information purposes only and you don't submit it to the IRS.  Your own accounting records are all you need.