MicrostockGroup
Microstock Photography Forum - General => General Stock Discussion => Topic started by: angelawaye on January 24, 2016, 10:20
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I get paid via PayPal from all the agencies and they send my a 1099 at the end of the year but now PayPal is sending one too. So there will be duplicate monies. Is this new to anyone else? It is going to look like I made way more than I really did because they are reporting it twice to the IRS.
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http://www.microstockgroup.com/general-stock-discussion/paypal-1099s-coming-back-to-haunt-us/ (http://www.microstockgroup.com/general-stock-discussion/paypal-1099s-coming-back-to-haunt-us/)
Search the forum for '1099' for more.
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On Paypal
"Internal Revenue Code (IRC) Section 6050W states that all US payment processors, including PayPal, are required by the Internal Revenue Service (IRS) to provide information to the IRS about certain customers who receive payments for the sale of goods or services through PayPal.
PayPal is required to report gross payments received for sellers who receive over $20,000 in gross payment volume AND over 200 separate payments in a calendar year.In order to help you understand these changes, we have prepared the following FAQs.
Questions? Login to your account or call 1-877-569-1129 "
What's saving me is the 200 individual payment transactions. I have had about 25.
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Well, from what I read it is more important to file the MISC 1099 over the 1099-k ...
I am calling the IRS tomorrow ...
Normally I don't have over 200 transactions in a year but this year I had a couple of different (very very small) jobs going on ...