Are the 2009 Money Market 1099 forms ready yet?

[Amanda411]

Hi JohnReam,

Your 1099 can be viewed online. To view your e1099 statements:

1. Go to the PayPal website and log in to your account.
2. Click "Products & Services" at the top of the page.
3. Click "PayPal Money Market Fund" under More products and services.
4. Click "Go to my Money Market Fund account."
5. Select the statement and click "View."

Note: You must earn $10.00 or more in dividends for the calendar year to receive a 1099.

Amanda

[BBMapper]

Even when I follow the instructions I only see 2006 & 2007..... had to add everything up myself last year..... so WHERE IS MY 2009 e1099??  Thanks!

[BobsStore]

As a tax preparer, I can confirm what Amanda says.  Interest earned of less than $10 does not have to be reported to the IRS.  If you don't receive a 1099 and your interest earned is over $10 for the year, then you have an issue.

Some banks will send 1099's for any amount earned.  I've seen them from my clients for amounts as low as 12 cents.  It's a PITB for us because we have to include the information with the tax return so that the taxpayer doesn't get an automatic letter from the IRS for not reporting interest income.  I know it's dumb.