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Topics - Old School

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General Stock Discussion / Taxes
« on: March 14, 2018, 21:25 »
Help. Just help.

I can't find a ref or post that is specific to what I need, so if anyone can help, PLEASE, I'd truly appreciate the feedback.

I've been a microstock contributor for 10 years now, and a US citizen, paying US taxes.

This year I had to change tax advisors. She turns out to be very strict and apparently I might have been reporting taxes incorrectly ALL THIS TIME. Yikes. Sigh.

I've just been reporting payouts, either by 1099 or by actual non-1099 payouts to PayPal for the tax year, for each agency I'm signed with.

The new advisors says I have to dig into earnings and report the actual EARNINGS, paid out or not, to the penny, for the year for each agency, paid out or not.

The trouble is that some agencies make it pretty difficult to find that information. If Ive earned enough, some send 1099s. If Ive not earned enough, the money may sit until I request a payout, or until Ive at least earned the minimum to MAKE a payout request.

WORSE, some agencies show as many as three DIFFERENT amounts for a given year. At Shutterstock for 2017 this is how my records look:

   My Shutterstock 1099 for 2017 = 1617.10

   A download of my actual shutter stock earnings for 2017 = 986.70

   The actual payout to PayPal for the year (requested and paid earnings) = 1,114.96

Jeeze. The 1099 is the one that's important, of course. But what are all these variables? Why did I get a 1099 if I actually earned 986.70? If I hadnt earned enough to get a 1099, would I have reported the ACTUAL earnings as SS reported? Theyre different amounts! (I did leave a message with SS begging for their view, but still.)

Now I realize no one here can give me legal tax advice, but I'd truly appreciate it if a few microstock contributors have a moment to explain how THEY'VE been reporting and paying taxes so I can take the info to my tax advisor. That's what she's asking for. Examples of how other US citizens are reporting and paying taxes for microstock earnings.

Thanks a TON to anyone who has the time and interest to reply! Just thanks.

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