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PayPal USA Community Chat 1/17 - Closed

Moderator

Re: PayPal USA Community Chat 1/17 - Open


slvance7 wrote:

I sent a facebook private message and posted on the page as well. I have not received a response.


Thanks for getting back to me, @slvance7! I'm sorry to hear that you have not received a response yet. Smiley Sad I assure you we do have teams that monitor and respond to our social media messages on Facebook and Twitter. If they have not replied to you yet, they will soon! 

 

We appreciate your patience in the meantime and I apologize again for the wait!

 

-Ashley


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New Community Member

Re: PayPal USA Community Chat 1/17 - Open

will paypal send out a 1099 if someone is under 20K in goods and services payments received but not over 20k?

Moderator

Re: PayPal USA Community Chat 1/17 - Open


backwoods12 wrote:

will paypal send out a 1099 if someone is under 20K in goods and services payments received but not over 20k?


Hi @backwoods12,

 

Welcome to the chat!

 

PayPal will only provide a 1099-K if both the 200 transactions and 20K volume requirements have been met. For more info, please check out this page.

 

I hope this helps!

 

Olivia

 

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New Community Member

Re: PayPal USA Community Chat 1/17 - Open

so for clarification for the entire page if a person has 19999.99 they will NOT receive a 1099k provided they do not have other accounts with the same TIN ITIN or Social correct?  

 

 

Moderator

Re: PayPal USA Community Chat 1/17 - Open


backwoods12 wrote:

so for clarification for the entire page if a person has 19999.99 they will NOT receive a 1099k provided they do not have other accounts with the same TIN ITIN or Social correct?  

 

 


Hi @backwoods12,

 

That's correct! Please note that these thresholds only affect whether or not a 1099-K will be generated. If you have any questions about what your obligations are for reporting income, please contact the IRS or a tax professional.

 

Olivia

 

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New Community Member

Re: PayPal USA Community Chat 1/17 - Open

absolutely i know you have to file taxes but i was just wondering on the level at which a 1099k is generated.

 

it seems as though its pretty cut and dry / black and white BUT i was wondering if it was actually true.

 

from previous threads on this web page i see that its 20k and 200 transactions,

 

so hypotheticaly speaking if a person has only one count an dthey had the followign information 

 

total 35000k in payments

 

19500k Goods and Services tranactions

15500 personal payments

 

would that account be getting a 1099k??

 

 

Moderator

Re: PayPal USA Community Chat 1/17 - Open


backwoods12 wrote:

absolutely i know you have to file taxes but i was just wondering on the level at which a 1099k is generated.

 

it seems as though its pretty cut and dry / black and white BUT i was wondering if it was actually true.

 

from previous threads on this web page i see that its 20k and 200 transactions,

 

so hypotheticaly speaking if a person has only one count an dthey had the followign information 

 

total 35000k in payments

 

19500k Goods and Services tranactions

15500 personal payments

 

would that account be getting a 1099k??

 

 


Hi @backwoods12,

 

I know! It seems like it would be more complicated, so it's easy to second-guess the simplicity of it. I understand wanting to be sure. Smiley Happy

 

In the hypothetical situation you presented, a 1099-K would not be generated. 

 

Olivia

 

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New Community Member

Re: PayPal USA Community Chat 1/17 - Open

awesome thank you for the information, you are great and your response time is fast 

Moderator

Re: PayPal USA Community Chat 1/17 - Open


backwoods12 wrote:

awesome thank you for the information, you are great and your response time is fast 


Awwww, shucks! Thanks. Smiley Happy

 

Olivia

 

If this post or any other was helpful, please enrich the community by giving kudos or accepting it as a solution.
New Community Member

Re: PayPal USA Community Chat 1/17 - Open

i am guessing is some kind of software that automattically flags accounts over 20k and then generates a 1099k for them?