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Practicing for Jan 2023? EBay generated a 1099K for me for my 2021 sales
Having just read on another thread that a California seller was issued a 1099K for less than $20,000 in sales, I went to check to see if I got one.
Yep, there it was. A 1099K for $3900 processed by MP on my behalf for the tax year 2021. [and I am not an Uber or Lyft driver].
Having read the following on the eBay Announcement/Help/whatever page:
The new tax reporting requirement will impact your 2022 sales and taxes that you file in 2023—it will not apply to your 2021 sales and taxes that you file in 2022.
Whether I get a 1099K for 2021 makes no difference to me, since I've used Sched C to report income for the last 40+ years, BUT I am shaking my head.
Has that 1099K be transmitted to the IRS? Will it soon be transmitted? If yes, some EBay sellers are in for an interesting experience when they file their federal taxes for this year.
What about transmission to states' income tax collecting entities that don't (yet) have a $600 1099K law?
Or, is this yet another of eBay's truly amazing glitches?
kh-vince
·3 years 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.
iart
·4 years agoIt shouldn't matter.
Whether you get a 1099 or not, you're supposed to pay taxes.
dctineffect
·3 years agoAgreed- but if you sold at a loss, getting a 1099 complicates things for people who never had to deal with them. The concern is there that they may pay when not required to or not pay when they are required.
dbfolks166mt
·3 years agoAgreed- but if you sold at a loss, getting a 1099 complicates things for people who never had to deal with them. The concern is there that they may pay when not required to or not pay when they are required.
Zombie thread. OP is over a year old and you have always been required to report income.