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1099-K
ebay sent me an incorrect 1099_k
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ebay sent me an incorrect 1099_k
jlj5346
OP1 year agoThey said they sent $2,100 to my bank act. Yet my bank statments show $1,700. Also I downloaded their expense file and it is un readable, just jiberish. Thanks for your help, Jody
jonathanbrightlight
·1 year agoThe 1099K does not represent what was sent to your bank account. It represents what was received into your eBay Managed Payments account (or at least that the simplest explanation), and does not factor in refunds, shipping labels, eBay fees, and other things that would have represented money that never reached your bank account. The difference between the $2100 and the $1700 numbers that you are aware of is likely easily explained with those accounted for.
jlj5346
OP1 year agoThank you, I hope you are correct. Ebay did not explain it right. They represented it like that's what they sent to my bank. And you can not get any help from them, the phone tells us to read up on their site but yet the help is not there.
mr_lincoln
Mentor1 year ago@jlj5346
Here is a link to the eBay Help pages covering what the 1099K includes. eBay and Form 1099-K | eBay
After reading that let us know if you have questions. It represents your gross sales including item and shipping Buyers paid you in 2024. You are responsible to apply deductions to that amount to reduce your potential taxable income. eBay collects sales tax and remits it to the states when it applies, sales tax is NOT included in the gross total of the 1099K.
Do yourself a favor and download an IRS Schedule C and instructions then read and learn about deductions you can record. The mileage deduction for 2024 is 67 cents, meaning for every mile you drive for eBay business you can deduct 67 cents. If you drove 5,000 miles it means 5,000 X $ 0.67 = $ 3,350.00 deduction.
jlj5346
OP1 year agoThank you again for your help with this information. I downloaded ebays Exspensses file but I can not read it, it's all jiberish.
mr_lincoln
Mentor1 year ago@jlj5346
I use their CSV file which opens in a spreadsheet program then I sort by transaction type and create formulas to get the totals.
You can also go to the following page and use the Custom time setting for Jan 1 thru Dec 31 for 2024 and the blocks across the top of the page will give you the totals for each subject: Seller Hub | Reports financial overview | eBay
evry1nositswindy
Mentor1 year agoIt isn't incorrect. It's a gross total. To get the net total, print a Schedule C and deduct returns, postage, eBay fees, expenses, etc.