Agency Based Discussion > Dreamstime.com
Closing Account of Dreamstime
cascoly:
i have well over $20K and 200 transactions thru paypal every year (combined stock, ebay & amazon sales) & have never had a tax form from them (tho i do use their reporting to tote up fees). might it be the difference between a personal & a business account? (i have the latter)
Uncle Pete:
--- Quote from: cascoly on September 28, 2020, 23:10 ---i have well over $20K and 200 transactions thru paypal every year (combined stock, ebay & amazon sales) & have never had a tax form from them (tho i do use their reporting to tote up fees). might it be the difference between a personal & a business account? (i have the latter)
--- End quote ---
Don't know why not, but here's the scoop:
Under the act, PayPal is required to report to the IRS the particulars of any individual or business account receiving at least $20,000 in payments annually from at least 200 transactions. Both of these threshholds must be met to trigger the report, which is done on a new form, Form 1099-K.
https://www.sapling.com/7202980/paypal-report-irs#:~:text=What%20Does%20PayPal%20Report%20to%20the%20IRS%3F%201,Reporting%20Requirements.%20...%203%20Preparing%20and%20Implementing.%20
Hmm, I don't like the way that link looks, here's the tinyurl: https://tinyurl.com/yxmnlses
--- Quote from: steheap on September 27, 2020, 09:19 ---The Paypal threshold totals are for the calendar year - so it is $20,000 AND 200 activities in that year. It resets in January, I believe.
Steve
--- End quote ---
Yeah worth repeating, since that AND gets lost. :) $19,999 and 300 transactions, no reporting required. That brings up another note: required does not equal that someplace won't do that. I worked a contract and asked that they only pay me $599 not the $600, dumb ass accountant still sent the 1099, so that means instead of making $599, for expenses, I made $449 after taxes.
I'm safely under $20,000 annually with Paypal, (and this isn't just Paypal, it's everywhere that makes payment transactions) but I know it's worth understanding in case I should suddenly get wildly successful at something like selling things on eBay.
sdeva:
Hi, I'm trying to close me Dreamstime account as well. Have disabled all my files as they asked me to do. They had emailed me that I can suspend the account from the public site from Management Area/Edit profile button. However I do not find a link to suspend account on the 'Edit your profile' page. Can anyone please help!
Thanks in advance :)
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