Well for 16 years I have always reported all of my earnings, filed the long form ( which takes me forever ), done all of my deductios etc. I'm not even a seller on Ebay, but i use paypal for my website. I am within $800 of paypal on my gross earnings, BEFORE deductions. I just can't figure out now, and this is my last bit of confusion, if I need to deduct the shipping that paypal reported, as I did not report shipping as an earning.
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I spent an hour on the phone yesterday with the IRS. At the end of all of my questions about the 1099 Paypal form..the lady says to me, ' this year only, the IRS wants you to enter zero where the 1099's would go'. She said this was for THIS past year ( 2011) only, and was because this was basically a new thing. So heck, if I'm not more confused than ever !
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I am just SO confused. I have done my own taxes using the upgradede version of Turbo Tax for 16 years, and never had one problem. Now Paypal has to throw a wrench in things by sending me figures that are more than what I have filed on my own quarterly taxes. I keep pretty good records too ! I am just holding off until late March to file, and reading everything I can in between hoping to learn something.
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I don't see how using a paypal debit card would have anything at all to do with what is reported on a 1099 form. It is not money you earned, it is money you spent.
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First and formost, I file quarterly taxes in which I keep all of my paperwork, so I know how much I have made. Secondly I went back and printed off my sales , monthly from paypal. I added up everything, gross, plus gifts ( which were less than $100). The 1099 form paypal sent me is $7,000 more than what their own records show. I'm not the only one that this is happening to either. And get help from Paypal? really ? they have yet to return the email I sent them over a week ago.
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Paypal is reporting that I made $7,000 more than I actually did in 2011. Where are they coming up with that number ? I do NOT want to pay taxes on money I didn't even make !!!
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see this is a question of mine. I have been reporting my income, on my quarterly taxes that I file throughout the year. So do I put this paypal number down on top of what I normally already put on my yearly tax return ? If so that would make my income double.
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