I live in MA. I received a 1099 k yesterday. I sold a few items on depop that were already my items that I paid for. But I also had a bit of money sent to me from friends. It wasn’t a sale. It wasn’t for any sort of purchase. I was under 200 transactions and the gross amount says $1,378. Do I need to report this?? It will cost me $40 to upgrade my turbo tax just to report this form. I’m only 19 and I don’t work and I don’t have the money to do this.
wrote: I live in MA. I received a 1099 k yesterday. I sold a few items on depop that were already my items that I paid for. But I also had a bit of money sent to me from friends. It wasn’t a sale. It wasn’t for any sort of purchase. I was under 200 transactions and the gross amount says $1,378. Do I need to report this?? It will cost me $40 to upgrade my turbo tax just to report this form. I’m only 19 and I don’t work and I don’t have the money to do this.
I would report it, or else you will risk getting a bill later down the line with late fees included, or even an audit. Unfortunately this seems like a money grab from our politicians to squeeze any extra penny they can out of us, regardless of your age or income.
I spent 3-4 hours amending my return and looking for all the original receipts for the items I sold and paid an additional $14 to TaxAct just so the State of Massachusetts could get an additional $6. Taxachussets has squeezed every penny out of me, there's nothing left.
So I ended up paying $45 for taxact small business, and $37 in fee's because I made $616 total over 12 months on ebay. Add it onto the paypal and ebay fees I could have pawned my items for more. So lame.
Agreed on all points! I just got my first 1099 – K from PayPal for stuff I sold on eBay late last year. I had no idea that was going to happen. Is there an alternative I can use so I don’t have to deal with this nonsense of paying taxes on losses I received from the sale of old deprecated goods?
I received a 1099k form for $1113.00 from PayPal. I live in Massachusetts and I know my state has lower limits than $20,000 Would it be that much lower?
During the period from January to July 2017 I received 7 transfers (1 per month) to my Paypal account from sales that I made on Redbubble website totaling USD12,636.00
Yesterday I received a Paypal correspondence on the 1099-K Tax Form charging me USD4,780.00 tax plus USD656.00 from the Massachusetts State Tax.
According to the IRS rules, I received less than USD20,000.00 AND received only 7 money transfers.
Massachusetts amended the tax law re: 1099-K at the end of 2017. Paypal is now required to issue a 1099-K for any account with a total of $600 or more regardless of the number of transactions...even if it's for only one sale!
Vermont also amended the tax law in the same way. Other states are expected to follow this path.
Hello sweet_melody. About Massachusetts amended the tax law is OK! But I m not agree with federal tax values. I m not fit into any options (20k or200 transations) to generate this tax.
