Received a 1099-k From PayPal even though I'm nowhere near the thresholds.
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.
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.