Form 1099-K made for under $20K sales

militaryglobal
Contributor
Contributor

As far as I know, IRS requires that entities like PP to make a Form 1099-K for $20,000.00 and over volume.

 

Why PayPal made a Form 1099-K for a way under $20,000.00 for 2019?

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militaryglobal
Contributor
Contributor

Found out......it is $20K  or  200 transactions........also, 2 accounts shared with the same SSN will combine and 2 1099-K will be created......SOLVED MYSELF!

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sharpiemarker
Esteemed Advisor
Esteemed Advisor

@militaryglobal 

 

Are you located in VT or MA? Some states may have lower dollar amount threshold. Check with your local tax professional on what the threshold is in your state.


Kudos & Solved are greatly appreciated. 🙂
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militaryglobal
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Found out......it is $20K  or  200 transactions........also, 2 accounts shared with the same SSN will combine and 2 1099-K will be created......SOLVED MYSELF!

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boxernbees
New Community Member

were you under 20k but over 200 transactions to receive 1099?

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