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No 1099-K Sent to me this year :(
Isn't this the first you one suppose to receive a 1099-K? I did over 1k in sales for 2022, so I figured I would received a 1099-K, but when I looked online it says the the following. (see screenshot below) . Any reason why this would be the case?
18 comments
bali5005
·2 years agoIt's not unusual for someone to assume they should receive a 1099-K after making over $1,000 in sales during the year. However, there could be various reasons why you haven't received it yet. The screenshot you mentioned might provide some clues, but it's best to check with the platform or entity that should issue the 1099-K to get a clear understanding of the situation. Factors such as the specific payment processor's thresholds or your account's status could affect whether you receive the form. It's always a good idea to reach out to them directly to clarify and ensure you have all the necessary tax documentation.
soh.maryl
·2 years agoThe OP's original message here was from early 2023, so assume he's referring to 2022 income.
Since 2023 isn't quite over yet, that would be the reason, wouldn't it, to not have received any forms for this year?
chizzy_deals0915
·2 years agoThey canceled it for the 2022 tax year. I’m sure because of the backlash they have been getting about it all. For 2023 they will send form out as of now. But that could change just have to see around the new year other wise be ready to pay Uncle Sam more money like always. Documents of all buys and sales will go along way even if you’re profiting off eBay.
msmissymeow
·2 years agoIf you sell on ebay has a hobby, getting rid of garage/yard sale stuff or new things you bought but never used and trying to get some of your money back, it's still income from ebay that needs to be reported. How/where do you report this type of income? Originally, I thought if over $600 it needed to be reported as self employment income since over the threshold but it's just $700-800 total annually from selling this way, not as a business.
nobody*s_perfect
·2 years agoYou report it exactly the same as if you had a 1099-K, except you have to figure out the total for yourself.
lacemaker3
·2 years ago@msmissymeow,
If you are not operating as a business, but just selling personal items, then you don't report your eBay sales income as business income. If you are purchasing items to resell them, then you should step up and keep records and operate as a business because you will save money and pay less taxes that way (you can take more business expenses as deductions).
Here are the IRS instructions for reporting income from personal sales, whether you received a 1099-K or not. If you sold items at a profit, but you didn't receive a 1099-K, then go straight to the last option "Personal items sold at a gain" and follow the instructions there. Click on the link for more info.
https://www.irs.gov/businesses/understanding-your-form-1099-k#do
msmissymeow
·2 years agoThank you so much for your time and response! (^^)
skiesstore
·1 year agowhat if you didnt get a 1099-k?
lacemaker3
·1 year agoI already explained that in my previous reply here.
kh-laura
·1 year agoHi everyone,
Due to the age of this thread, it has been closed to further replies. Please feel free to start a new thread if you wish to continue to discuss this topic.
Thank you for understanding.
pburn
·3 years agoYou met neither California's or the federal government's thresholds to receive a 1099-K, but your income should still be reported on your tax return(s).
shopndeals4home
OP3 years agogood to know thanks
buyselljack2016
·3 years agoIRS backed off on the $600 threshold for 2022, so no 1099-K for many unless their state has a limit.
Just file your taxes with "your #'s" again for 2022 same as in the past
It was in "announcements" back in December. Some do not read announcements.
https://community.ebay.com/t5/Announcements/IRS-announces-delay-in-new-600-1099-K-tax-reporting-threshold/ba-p/33448774
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The delay does not change your income tax reporting obligations.
shopndeals4home
OP3 years agookay thanks, and you are right, I don't have time to read all of the announcements since ebay sends out so many......But good to know that I can go ahead with my taxes without having to confirm the numbers on the 1099K. I'm not working anyway, so according to turbox tax the 12K standard deduction pretty much wipes out any taxes I may own... But thanks for the info, I'll just report the ebay income like I normally do..........
nobody*s_perfect
·3 years agoDon't overlook the Earned Income Tax Credit, which could put credit $ in your pocket:
https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit-eitc
shopndeals4home
OP3 years agothanks...Yea I didn't qualify for earned-income credit, but I did qualify for renter's credit, which was pretty cool. But I appreciate ya looking out...
msmissymeow
·2 years agoMay I ask, how do you normally report ebay income if you didnt qualify for a 1099-k? Im trying to figure this out. You click on the 1099k option if no 1099k, correct? Do you report under other income, MiSC? Or where/under what section? Can you also still include expenses?
Please and thank you! 😊
fitnewenglandchick
·2 years agoHow do you usually file? Forms etc? Can you do it on your own to save $?