Received a 1099-k From PayPal even though I'm nowhere near the thresholds.
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
This is my first time posting but this is really weird to me.
I received a notification that I received a copy of the 1099-K from PayPal although I am nowhere near the thresholds of $20,000 in transactions + 200 payments. I have sold a handful of Pop Vinyls and a few other small things on eBay but that's really it.
Any reason why this would happen and should I be worried. I was assuming this wouldn't be a huge issue doing my taxes but I don't want the IRS beating down my door.
Thanks in advance.
- Labels:
-
Tax Documents
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Hi @DavidWinchester,
Welcome to the community forum and thanks for posting.
I understand that you have received a 1099K form even though you have not received the expected amounts. Do you live in Vermont or Massachusetts? In these locations the threshold is $600 irrespective of the number of transactions. This would explain why you would have received it.
Rachael
Haven't Found your Answer?
It happens. Hit the "Login to Ask the community" button to create a question for the PayPal community.
- Sufficient Evidence for Virtual Goods Sale Dispute? in Managing Risk and Fraud Archives
- How to get item description at Activities Download? in Reporting Archives
- I believe I’m being scammed ? in Managing Risk and Fraud Archives
- How to get a Volunteer Fire Department charity status in Merchant Products and Services Archives
- Question about the New IRS requirement in Reporting Archives