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Form 1099-K from Ebay
My form 1099-K lists monthly amounts which total $12,759.37 yet when I add my monthly actual payments to me from e/bay (deposited into my checking account) the total comes to only $7632.34. There is a discrepancy of $511.89. I have no idea why. Am doing my taxes and have to put it somewhere. I thought that the 1099K report should show actual amounts I actually got paid and every month is wrong. For example in January my deposit was $719.80 and the 1099 form shows $853.99; a difference of $134.19. This is driving me crazy. Why in the world would they send a faulty 1099K? IT SHOULD SHOW EXACTLY WHAT I WAS PAID, should it not???
4 comments
pamm1952
OP1 year agoThank you, I believe I have it figured out now.
lady_madonna
Mentor1 year ago@pamm1952
The 1099K shows the gross amounts you received, which is the total amount your buyers paid.
It does not include fees deducted, shipping labels paid, etc. You will need to itemize your deductions such as fees, refunds, postage, packaging materials, etc. to arrive at your adjusted income.
pamm1952
OP1 year agoThank you. I believe I have it figured out now.
eastlaneave
Mentor1 year ago@pamm1952
1) Your 1099-k is prepared showing the gross amount of payments.
From that you deduct expenses on your schedule C
Those expenses can include deductions from your payouts such as
- Selling Fees
- Promoted Listing Fees
- Postage (if you paid from your available funds
- Refunds
You will also deduct expenses that eBay isn't involved in, such as
- Cost of Good sold
- mileage
- shipping supplies
- etc
2) You can get a reconciliation report here
https://www.ebay.com/sh/fin/taxdetails
3) Here is a new 1099-K Guide. It shows how all the numbers are generated:
https://www.ebay.com/mes/taxguide
4) You can review some of your expenses here
https://www.ebay.com/sh/fin/reportslanding
Change your time period to "Custom"
Select: Jan 01, 2024-Dec 31, 2024
Right on the screen you will see the totals you need
- Sales
- Fees
- Shipping Labels
5) And you can run a transaction report for the whole year here:
https://www.ebay.com/sh/fin/report