Cookies help us customize the PayPal Community for you, and some are necessary to make our site work. By browsing this website, you consent to the use of cookies. Learn more
So i have spoken to many paypal Customer service agents who have calculated that i am NOT over the 20k irs reporting threshold and i have also verified this myself with my accounting. i do plan on reporting my income but dont want to go through an audit in case the numbers dont match up what paypal has. My questions IS if the accoutn is 500 dollars under the IRS Threshold at 19500k what is the likelyhood that Paypal would send a 1099 on accident or just flat out send one because its so close to 20K? i am over on the 200 transcactions so on the surface it appears as though i would not receive one. I have spoken with a number of agents who state paypal would NOT send ond because its not over 20k and i ahve spoke to a few who seemed clueless and they said you could get one. i am trying to get the facts if anyone knows them. please help.
... View more
so in summary as long as the TIN is NOT associated with another accoutn which it is not, and no more money comes in, what the agents have been telling me that its under 20k, there would not be a 1099 generated for the account? even if one was generated it would not be going to the correct address becuase i have since moved.
... View more
does paypal ever send out the 1099 by mistake when you havent had over 20k in G/S Gross sales? i know it can happen but what is the likely hood of that happening. i was told since the account was under 20k the computer system wouldnt read that as an account that would get a 1099 there fore a mistake wouldnt happen
... View more
a TIN was added but from my understanding wouldnt be verfied until you pass the 20k in G/ S gross sales correct? like i stated before the accoutn is no longer open and cannot accept payments
... View more
well that account is not open any more so no more money woul d be coming in and i have no other accounts i am currently selling on. since the account is not open does that make a difference ? am i correct in thnking that since no more money is coming in nothing can be added to that total?
... View more
thank you for responding i appreciate it. so every time someone meets the IRS Threshold of 20k goods and services you would reach out to them to verify their Name / Address matches what the IRS has? So since that hasnt happened yet and that particular account is no longer open would it be safe to say there would be no 1099 on that account? would that be the case even if the TIN was added to the account earlier on in the year. That is what the agent i call and speak with tells me, that the accoutn is closed, there was not 20k in goods and services sales on the account and your account cannot accept any more money so you would nto recieve a 1099.
... View more
i did do that and came up with the same number that each paypal agent came up with which all was under 20k. all i want to know is if the agent has the correct tools to do this, it seems as though some do and then some dont. this particular accoutn is not active anymore either but did have sales on it this year under 20k.
... View more
Many agents have verified my total is under 20k, do i have to worry that Paypal would make a mistake and accidently mail out the 1099 or process a 1099? Also i read online that for an indivudual account that is not a buisness, they are required to reach out to you to verify your name and address are what is being reported to the IRS is that correct?
... View more
i have a 1099 IRS question, i have spoken to many Paypal Agents who can all confirm i am under 20k in goods and services sales. can i trust what they have to say?
... View more