How to Check Progress to 1099-K

[crazysaguaro]

Hello,

Is there an area of my Paypal account where I can easily check my progress to getting a 1099 (200 transactions, $20k sales)?  I'd like to keep an eye on it so I stay under the threshhold.

I checked the 1099 forum posts and FAQs but didn't see anything about tracking the progress.

Thanks,

Gina

[sharpiemarker]

No, there is not.  You have to keep your own records to monitor that.  Use a spreadsheet and document each goods and services payment received and total amount of payment and then tally it up with a =Sum(cell..cell) formula in a spreadsheet cell.

[crazysaguaro]

Hmm, that's too bad -  I wish there was.

Do you know if they go by the GROSS or NET amount of the transaction to count toward the 1099-K amount?

Thank you,

Gina

[DPCreations]

PayPal reports gross receipts for goods and services.  It is your reponsibility to report all income to the IRS whether PayPal provides a 1099-K or not.  You are responsble for maintaining your own business account records so you can complete a business 1040-c form for the IRS; that's how you determine income or loss for your business.  PayPal does not do that for you.

[crazysaguaro]

Thank you for the information.  🙂

-Gina