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PayPal USA Community Chat 1/10 - Closed

Member

Re: PayPal USA Community Chat 1/10 - Open

are they ever available before that? and how will you know if you are getting one.

 

if you are gettng one will there a notice before hand 

Moderator

Re: PayPal USA Community Chat 1/10 - Open


bigmart42 wrote:

are they ever available before that? and how will you know if you are getting one.

 

if you are gettng one will there a notice before hand 

 

bigmart42 wrote:

just for clarification purposes as i am sure others are wondering as well

 

if a person has 19999 in goods and services and 5000 in Friends and Family payments that person is NOT supposed to get a 1099K correct, however they can still call to get the information for tax purposes?

 

just trying to figure this all out


No problem, @bigmart42! I know that things like this can be confusing, especially if you're new to selling. The forms are rolled out to customers as they become available throughout the month of January. If you have a 1099-K, we will send an email to let you know. 

 

To follow up on your question about friends and family payments - these are known as personal payments and do not count toward gross payments received in relation to 1099-Ks. Customers can always call us with questions about their payments or they may download history and statements through the PayPal account. 

 

Our tax page has tons of info about tax reporting and receiving 1099-Ks. I would encourage you to check it out if you have more questions. Smiley Happy

 

-Ashley


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Member

Re: PayPal USA Community Chat 1/10 - Open

so if it has been verified by a Paypal Customer Service Rep that a person is under 20K and there was no activity on that certain account since mid summer that person would NOT receive a 1099K from paypal?

Member

Re: PayPal USA Community Chat 1/10 - Open

also they are rolled out throughout the entire month of January so its possibly a person could get them before 1/31/18? i am talking about 1099k

Moderator

Re: PayPal USA Community Chat 1/10 - Open


bigmart42 wrote:

so if it has been verified by a Paypal Customer Service Rep that a person is under 20K and there was no activity on that certain account since mid summer that person would NOT receive a 1099K from paypal?


bigmart42 wrote:

also they are rolled out throughout the entire month of January so its possibly a person could get them before 1/31/18? i am talking about 1099k


Hi @bigmart42

 

It looks like you asked a similar question on our 12/20 chat. If a customer does not meet the thresholds on one account then we would not send a 1099-K. 

 

Please keep in mind that if there are multiple PayPal accounts attached to the same identity and the threshold is reached or passed between the accounts collectively, then a 1099-K would be issued in that situation. If you only have one PayPal account, then this would not apply to you. It is good info though in case other Community Members have similar questions. Smiley Happy

 

And yes, the 1099-Ks are rolled out all month long so it is possible to receive one early. 

 

-Ashley


If you see a helpful post, please accept it as a solution or give the author kudos. Smiley Happy Thanks!
Member

Re: PayPal USA Community Chat 1/10 - Open

just for clarification purposes as i am sure others are wondering as well

 

if a person has 19999 in goods and services and 5000 in Friends and Family payments that person is NOT supposed to get a 1099K correct, however they can still call to get the information for tax purposes?

 

just trying to figure this all out

Volunteer Advisor

Re: PayPal USA Community Chat 1/10 - Open

Where are getting the $20k number from? All the info I see about 1099s are that they are required from $600+.
Angell EYE - www.angelleye.com
PayPal Partner and Certified Developer - Kudos are Greatly Appreciated!
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Member

Re: PayPal USA Community Chat 1/10 - Open

the paypal website states a 1099 is only issued when you are over 20k in Goods and Services Payments recieved AND over 200 transactions

 

friends and family payments are NOT supposed to count towards that number 

Moderator

Re: PayPal USA Community Chat 1/10 - Open


angelleye wrote:
Where are getting the $20k number from? All the info I see about 1099s are that they are required from $600+.

Hi @angelleye,

 

That's a great question!

 

PayPal does not advise sellers when it comes to their responsibilities for their own reporting. The $600 figure you are mentioning may be the threshold at which you are responsible to report your own income. For information about the circumstances under which PayPal will generate a 1099-K, please take a look here. For any questions regarding tax responsibility, please consult the IRS or a tax professional. 

 

Olivia

 

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Member

Re: PayPal USA Community Chat 1/10 - Open

its 20K and 200 transactions of Goods and services, friends and familypayments are NOT supposed to count towards it