1099 Question

[JimB76]

Says here

"

PayPal will track the payment volume of your account(s) to check whether your payment volume exceeds both of these levels in a calendar year:

• $20,000 USD in gross payment volume from sales of goods or services in a single calendar year
• 200 payments for goods or services in the same year*"

So Am i reading this correctly? As an example If i made $50,000 on Paypal but had less than 200 transaction I will not be getting a 1099?

Thanks in advance

[sharpiemarker]

@JimB76

Nope. You have to meet both thresholds. If you made a mil or any amount for that matter and had under 200 transactions, you won't get one. Or has over 200 transactions and made any amount under $20k, you won't get one either. 

If you're based in VT or MA, the dollar amount is $600 though.