1099 issued for $7,000 in NET sales in 2019 !

knighty26
Contributor
Contributor

I had a depositer send (2) $14k deposits attempting to frauid my account ......I quickly in minutes at Pay Pal's advice refunded the depositer ..........Now I received a 1099 for $37,000 in sales when I have just over $7,000 in ACTUAL true transaction for the year.

 

The IRS is going to DESTROY me on my taxes and Pay Pal is doing nothing tocorrect this........how on earth can this be allowed to take place.

 

They will not even fix the 1099 amount to show the ACTUAL easily viewable correct amount....and tomakeit even worse I should not have even been sent a 1099 because Iam not even close to the $20,000 min to require one be issued.

 

What happened to Pay Pal ??? 

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sharpiemarker
Esteemed Advisor
Esteemed Advisor

@knighty26 

 

I'm no expert but can't something be done about fraud or loss and write off the amount you were defrauded? Talk to a tax professional.

 

Try, and try again? Otherwise, contact your tax professional.

Tax Form 1099-K Tips:

If you feel there is a discrepancy in your tax Form 1099-K, please review your reconciliation report and provide us with the transaction ID(s) in question and the justification for why the transaction is being disputed. Click Contact at the bottom of any page to call or email us.

 

https://www.paypal.com/us/smarthelp/article/common-us-irs-tax-questions-1099-k%2C-b-notice%2C-and-fa...

 

While we're committed to helping our customers, PayPal does not provide you specific tax guidance. Please contact a tax professional. Additionally, please see below resources that IRS has put together to assist taxpayers on Form 1099-K reporting implications:

https://www.irs.gov/businesses/understanding-your-1099-k

https://www.irs.gov/uac/general-faqs-on-new-payment-card-reporting-requirements

https://www.irs.gov/tax-professionals/third-party-reporting-information-center


Kudos & Solved are greatly appreciated. 🙂

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sharpiemarker
Esteemed Advisor
Esteemed Advisor

@knighty26 

 

I'm no expert but can't something be done about fraud or loss and write off the amount you were defrauded? Talk to a tax professional.

 

Try, and try again? Otherwise, contact your tax professional.

Tax Form 1099-K Tips:

If you feel there is a discrepancy in your tax Form 1099-K, please review your reconciliation report and provide us with the transaction ID(s) in question and the justification for why the transaction is being disputed. Click Contact at the bottom of any page to call or email us.

 

https://www.paypal.com/us/smarthelp/article/common-us-irs-tax-questions-1099-k%2C-b-notice%2C-and-fa...

 

While we're committed to helping our customers, PayPal does not provide you specific tax guidance. Please contact a tax professional. Additionally, please see below resources that IRS has put together to assist taxpayers on Form 1099-K reporting implications:

https://www.irs.gov/businesses/understanding-your-1099-k

https://www.irs.gov/uac/general-faqs-on-new-payment-card-reporting-requirements

https://www.irs.gov/tax-professionals/third-party-reporting-information-center


Kudos & Solved are greatly appreciated. 🙂
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