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IRS Code 6050W

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RedOne-72
New Community Member
Posted on

I got an email from Paypal regarding my account & that I needed to provide my social in regard to the fact that should I meet the requirements of receiving over $20K in gross payment volume & over 200 separate Payments in a calendar year to determine if a 1099K needs to be issued.  My concern is that money is sent to my via friends/family.  I am not a seller.  So why am I receiving this?  Does this mean I am coming close to a thresh hold or what?  

2 REPLIES 2

IRS Code 6050W

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PayPal_Jacob
Moderator

Hello @RedOne-72,

Welcome to the PayPal Community! We're glad to have you here. PayPal will seek to verify US Tax payer information generally after receiving your first Goods/Services payment. While most users will transact as Friends/Family, there are times where the sender may provide the payment to you as Goods/Services by mistake. Certain states have lower reporting requirements also and so this can also prompt our system to request additional information from you to be ready in issuing a 1099-K form should you meet the required reporting thresholds. You can learn more about how we report to the IRS here. I hope this helps you out! 

 

-Jacob

If you find this or any other post was helpful, make our community better by giving kudos or accepting it as a solution.

IRS Code 6050W

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mikkib21
Contributor
I have not received that much, just over $600 but, I also got the same email this morning. I have NEVER sold anything, so I am confused as well!!

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