end of the year paypal thread
illinifan912
Posts: 1,462 ✭
Hi All,
so its the end of the year and I am wondering about the paypal irs 20k/200 payments received thing. To figure out the amount I have to be taxed on do I just add up all the payments from each month under payments received?
Thanks for your help and happy new year!
so its the end of the year and I am wondering about the paypal irs 20k/200 payments received thing. To figure out the amount I have to be taxed on do I just add up all the payments from each month under payments received?
Thanks for your help and happy new year!
0
Comments
<< <i>If I recall correctly, PayPal should provide you with a 1099 if you meet the threshold. >>
thats correct but i think they will only tell you in late january if I do receive one.
Is there a way to find out exactly where I'm at? New year in 3 days so i'm thinking if I dont meet these requirments over the next 3 days
there is no need to update my account?
<< <i>I just got the email last week stating I need to update my Paypal account with my SS number because I was close to the 20k/200
Is there a way to find out exactly where I'm at? New year in 3 days so i'm thinking if I dont meet these requirments over the next 3 days
there is no need to update my account? >>
hi there,
from what i've been doing which I hope is right is go to history - reports - monthly sales report then starting from january add up all your payments received before paypal fees are taken out.
I believe this is correct, has anyone else done this method?
Also I got the message from pp to add my ss number and if I didn't I couldn't receive any payments even though I was thousand away from 20k
payments are netted out by paypal and do not count towards the 20k/200 threshold.
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
If you check your monthly reports under history, the total payments for each month in the calendar year appears on the
bottom of the page with a daily breakdown by each date.
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
<< <i>Just checked and Paypal gifts are counted as Payments Received (in the Monthly sales report)...I am skeptical Paypal will not manage to screw things up. >>
Yes, they are counted in the monthly total sales report but according to the official paypal site, all personal/gift payments are netted out. I suppose time will tell.
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
<< <i>How about if you received 1099-K in 2011 but did not exceed the 2012 thresholds?
It was not clear if Paypal is required to report all future years under the thresholds? >>
My understanding is that a 1099-K is generated only in the calendar year in which you exceed
20k in sales of goods and/or services and 200 such transactions.
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
<< <i>I'm not even close to the 20K and they are asking for the info. I'm not within $6,000 and they are asking. I don't trust them at all. It seems random who they are asking for the info. Has anyone gotten any real answers from PAYPAL concerning any of this. I mean.....I'm not even close. I could possibly understand them asking someone for the info with 18 or 19 thousand....but not even 14 thousand and they are asking. >>
If you have brought in 14K in payments, you really should not be surprised that they are requesting this info.
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
<< <i>If you call Paypal, they can not even tell you the total payments to date and is not conveniently on Paypal.
If you check your monthly reports under history, the total payments for each month in the calendar year appears on the
bottom of the page with a daily breakdown by each date. >>
We shouldn't have to go through these contortions. Paypal should have an easy to find, running total of total sales in dollars and number of transactions now that such numbers are important. Shame on paypal for not doing so.
Good Luck
Jeff
<< <i>Okay....great. I just checked all the reports under history and I'm not even remotely close to 200/20000. Should I give them the info they ask for or just keep ignoring them. I mean 2012 is over. >>
Do you really want to trust these numnuts with your SSN?
<< <i>just be careful if you don't give them your ss number when they ask because they may place limits on your account such as cannot close it or cannot receive more payments >>
They have been asking for my SS infor for 16 months now.
No limits on anything for me.
Just 1 extra screen to "Remind me later"