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Yearly financial summary amount too high

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Yearly financial summary amount too high

I just took a look at my yearly financial summary total and it is $19,000 too high. My “sales total” is 31,000 but when i calculated my total amount for goods and services that I have received on my PayPal account it only came to $12,000. I have on the other hand received around $10,000 as friends and family. How come it is all lumped together. I also made a payment to a vendor for mechanical services in the amount of $10,000 throughout the year for a vehicle modification project and i think it’s been factored into my yearly amount of funds received since some money was injected into my PayPal from my credit card and bank transfer into my PayPal that I think is affecting my yearly total, that is not even money that I receive for goods that money I sent out, how come it is like this. I haven’t been able to get A clear and concise answer from PayPal on this matter I know for a fact on their website it says that money send as friends and family is not factored in but I still see it on my yearly totals. Why is that?
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Esteemed Advisor

Re: Yearly financial summary amount too high

@Bassrr94 

 

The "Financial Summary" report includes, "sales activity, fees, dispute activity, transfers, purchases and other account activity with beginning and ending balances." So that would include even friends and family transactions.

 

If you want to look at what is included towards the 1099K reported to the IRS which excludes friends and family payments, go to Tax Statements of the Reports page. If you don't see a report there, it means that you didn't meet the thresholds (200 transactions/over $20k in gross sales receipts) to get one which according to you, only received $12K.


Kudos & Solved are greatly appreciated. 🙂

View solution in original post

3 REPLIES 3
Esteemed Advisor

Re: Yearly financial summary amount too high

@Bassrr94 

 

The "Financial Summary" report includes, "sales activity, fees, dispute activity, transfers, purchases and other account activity with beginning and ending balances." So that would include even friends and family transactions.

 

If you want to look at what is included towards the 1099K reported to the IRS which excludes friends and family payments, go to Tax Statements of the Reports page. If you don't see a report there, it means that you didn't meet the thresholds (200 transactions/over $20k in gross sales receipts) to get one which according to you, only received $12K.


Kudos & Solved are greatly appreciated. 🙂

View solution in original post

Contributor

Re: Yearly financial summary amount too high

Thank you for the response, I haven’t quite lost sleep over it but I was quite worried as I was told from a PayPal rep that the yearly sales total would be the reported amount. It was quite confusing to hear. I eventually did get a wonderful woman to help me but she couldn’t see my gross payment volume
Esteemed Advisor

Re: Yearly financial summary amount too high

@Bassrr94 

 

What the rep said is correct, the yearly "sales" total, as in the "gross" in sales, not everything in total.


Kudos & Solved are greatly appreciated. 🙂