1099K Friend Sent Cash but ACCIDENTALLY SENT AS A PAYMENT! HELP!

cgjawz
Contributor
Contributor

So, like many of use, I am careful to avoid the 1099K by staying under the thresholds. Yes, I am over 200 transactions, but under 20K and locked things up months ago. Well, a friend sent me some money that was not for goods and services. He did it WRONG since it should have been "friends and family" transfer, which would have put me $100 over the limit. I could see he did it wrong because it prompted me to "create a label" and charged a fee. I refunded the payment and called Paypal. They said that voided the transaction, but I have also been told "refunded payments count towards the 20K". So does anyone know...is this payment really "voided" or did he just accidentally **bleep** me by sending me money?? Thanks in advance!

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Manny171
Frequent Contributor
Frequent Contributor

@cgjawz

 

I can't speak for Paypal but yea time for you to (PAY TAXES)

your friend put it as whatever you guy's were doing & now it's been filed especially if you got that 1099k from Paypal already

they most likely already filed under the Bank & Government act to file for Taxes for those of you that made it to that Bracket.

 

so start pulling out your checkbook you can't reverse this & ignoring the IRS is not going to make them go away so it's time to pay taxes remind to thank your friend but hey at least you now can brag that you pay taxes right? 😂

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