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Received a 1099-K for 2020, but well under thresholds.

autothing
Contributor

Received a 1099-K for 2020, but well under thresholds.

Has anyone been issued a 1099-K for their 2020 tax year at well UNDER the $20,000 sales and/or 200 transaction thresholds that PayPal claims it uses? Can anyone explain why?

1 REPLY 1
Sang07
Contributor

Re: Received a 1099-K for 2020, but well under thresholds.

Some US States require merchant reporting at a lower threshold:

  • Vermont, Massachusetts, Virginia, Maryland: $600 USD in gross payment volume from sales of goods or services in a single calendar year regardless of the number of transactions;
  • Illinois: $1,000 USD in gross payment volume from sales of goods or services in a single calendar year with at least 3 payment processed