How do I know if my income is taxable or not?
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
The company I work for pays me through here and for my student loan paperwork it is asking me if I have taxable income. I feel like it is no because I make no where close to $20,000 or 200 transactions. I tried messaging PayPal direct and they said someone would respond to me in 2 hours but, here it is 7 hours later and still nothing. I need to know as quickly as possible.
Thanks in advance!
- Labels:
-
Tax Documents
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Hi @Ericka2016,
That's a great question! PayPal will issue a tax form if you've met both of those thresholds ($20,000 and 200 transactions in a calendar year). However, for more information on what exactly is taxable, we'd recommend consulting with a tax expert or researching within your specific country/state's guidelines. Even though PayPal hasn't issued you a form, these earnings may be required to be reported elsewhere.
I hope that this helps!
-Angela
Haven't Found your Answer?
It happens. Hit the "Login to Ask the community" button to create a question for the PayPal community.
- Email asked for Tax ID, Gifted Payments and Possible 1099k??? in Reporting Archives
- Are payments from Rakuten, Ibotta, or friends and family considered income towards 1099 form? in Reporting Archives
- What should I deduct from my gross sales on my paypal 1099K for income tax purposes. in Reporting Archives
- Does PayPal 1099R include pass-through charges like Sales Taxes and Shipping Fees? in Reporting Archives
- Do I have to pay GST for online micro works like surveys and providing AI training data etc.? in Business Tools Archives