PayPal Community

Will we be notified if we approach the reporting threshold?   If your sales approach the reporting threshold, we’ll contact you if we need information for accurate reporting to the IRS. ... View more

You get paid the shipping fees with your merchandise payment correct? Is that now going to be counted as your INCOME as well? What is being reported Gross payment? before the fee deduction or after? How about returns charge backs and cancellations?   Shipping fees are not netted out.  If you made a $50 sale and charged $5 for shipping, PayPal will add $55 to your gross payment volume to determine whether you have crossed the $20,000 threshold. Any sales tax included in your payments will also be included on your Form 1099-K Returns and chargebacks are not netted out. If a transaction is cancelled before you receive payment, that transaction will not be included. You’ll need to determine the tax treatment of any shipping fees, sales tax, returns and chargebacks when you file your tax return.  Please consult your tax advisor regarding the tax treatment of your PayPal activities and related fees ... View more

Thanks for the questions! We're working on the responses for you now. ... View more

I share my account with several people. None of us has grossed more than $5000. Will this be reported? Do we need separate accounts?   Form 1099-K reporting will be based on the Tax Identification Number (TIN) listed on each account.  Only one TIN can be listed for reporting purposes per account at any given time.   In your example, all payments received into your shared account will be aggregated to calculate whether the gross payment thresholds have been exceeded and if so, will be reported on one Form 1099-K. ... View more

I am going to be posting a few of the common questions we've been getting and their responses in the next few posts.   Will the Form 1099-K list fees that were paid to PayPal?  For 2011, will I need to report on my tax return the full amount shown on Form 1099-K BEFORE fees?   PayPal fees will not be shown separately on your Form 1099-K and will not be netted out from your gross payments.  If you made $40,000 in sales and paid $1,600 in PayPal fees, your Form 1099-K will list $40,000 in gross payments.  It’ll be your responsibility to determine the deductibility of your PayPal fees when you file your tax return. ... View more

Hi!   Welcome! This thread will still be available to view after the workshop today Please feel free to ask any questions you have.   Amanda ... View more

Hi,   Welcome to the Community Workshop on the 2011 tax law and your PayPal account! We'll get started in just a few minutes.   Please post any related questions for the next hour and we’ll do our best to respond.   At the end of the hour I will lock the thread but we will follow up on any lingering questions in the next few days. Thanks!   Amanda ... View more

Hi All,   I discussed your concerns with the team and was asked to post this information on their behalf:   You may have recently received a proxy solicitation from the PayPal Money Market Fund for the Special Meeting of Shareholders to be held February 24, 2011. This solicitation was sent by D.F. King, the vendor we hired to assist us with this proxy. We assure you this is a legitimate solicitation. We apologize for any confusion and for not personalizing the email, as we do with all our communications. If you have any questions, please feel free to contact us.   Please initiate your vote soon by following the instructions in your email or those included below. If you haven’t yet voted, you may also receive a follow-up physical mailing and/or a phone call from D.F. King in the coming weeks. To vote your shares of the PayPal Money Market Fund you can:   Log onto our voting website hosted by D.F. King, www.kingproxy.com/paypal.  You will need the control number found on your proxy ballot or in your proxy e-Notification.  Enter your control number and follow the on-screen prompts to vote your shares.   Call D.F. King toll free at 1-800-791-3320 to be directed to a live proxy specialist or to enter your control number, follow the touchtone prompts and vote your shares.   Cast your vote on the proxy card included with your hard copy materials, sign and date the card and mail it in the return envelope provided.   We look forward to receiving your vote!   I hope that helps to clear up any confusion.   Amanda ... View more

Hi All,   Just wanted to give you a quick update to let you know that this was resolved on Friday night. You should be able to make payments as you normally would now.   Amanda ... View more

Hi All,   Just a quick follow up to let you know that this issue was resolved over the weekend. As Andy mentioned, all shipping payments were processed normally and all labels printed are valid.   Again, I apologize for any confusion!   Amanda ... View more