Why 1099k for me?

SteveHuss
Contributor
Contributor

I use Paypal's personal account to receive some reimbursements (not for income), that are under 5k USD and less than 100 transactions. Paypal has issued me a 1099k, although the threshold to issue 1099k is 20k USD and at least 200 transactions.
1- Why am I issues 1099k
2-Is it necessary for me to include it in my tax returns even though I am well below the threshold?

Login to Me Too
3 REPLIES 3

ShikhaJay
Contributor
Contributor

I have only 1800 $ and less than 50 transactions and they still sent me 1099 k, I also got the reimbursements or gifts from friends and family. Looking for answers just like you.

Login to Me Too

Online-User0120
Contributor
Contributor

Do you live in any of the states with lower reporting thresholds? Like VA, MA, VT?

 

If so, you got the form because your sales exceeded the state's reporting threshold 

Login to Me Too

SteveHuss
Contributor
Contributor
I am in IL but these are not sales, it's not a business account. These are rebates and reimbursements for trying and reviewing products.
Login to Me Too

Haven't Found your Answer?

It happens. Hit the "Login to Ask the community" button to create a question for the PayPal community.