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1099
Does my 1099 show the gross amount before the returns and allowances? Or is it already reflecting those refunds?
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Does my 1099 show the gross amount before the returns and allowances? Or is it already reflecting those refunds?
golfingaddict
Mentor1 year agoThe 1099 is gross amount.
Form 1099-K is an IRS information return that includes the gross amount of all reportable payments within a calendar year. This is based on when gross funds are processed to eBay, not necessarily when funds are received by sellers. This amount does not include any adjustments, for example, credits, discounts, fees, refunds, or any other adjustable amounts. However, sales tax and canceled transactions are excluded from the gross amount reported. You should check with your tax advisor to decide how best to use the information on your Form 1099-K when filing your personal and/or business income tax return.
peddlers_wares
OP1 year agoThank you! I had some sales cancelled and refunded and just trying to see if that was already accounted for or not.