What are the 1099K numbers ?

[mindmyownbusiness]

Link or short answer: What are the dollar values on the 1099?? 

Total buyer payments (price+sales tax+shipping cost)

"Gross transaction amount" (price+shipping cost)

Payouts (gross transaction amount - fees)

if this, is it total fees or just final value fees only.

Are refunds included?

Thank you.

[mam98031]

The short answer is, the 1099k represents the total amount of money that came into your MP account BEFORE any deductions for refunds or expenses.  What is on your 1099K is Gross Receipts.

Now where ebay bases these numbers on is important to your ability to reconcile your form.  Ebay goes by Payout dates.  So that means all the transactions that are represented in you Payouts that were issued by Ebay in 2021.  Not the Payout itself.  The transactions represented in the payouts.

So this will mean that there may be some transactions that happened in 2021 but were not in a Payout released in 2021, therefore those transactions will NOT be part of your 1099K numbers.

All your expenses will get or should get deducted on the Schedule C of your Federal tax report.  You only get taxed on your income less your expenses, NOT what is on the 1099K if you report it correctly.

[stainlessenginecovers]

Short & Fast Answer (Per your verbiage)- it is Gross Transaction Amount (item + shipping) Only

Does NOT include taxes, final value fees, refunds, promotion fees, store fees (which the last 4 items are in the Gross Transaction Column in the PAYMENT TAB reports (and shouldn't be all together)). 

As stated; the numbers are skewed to the 'actual dates' that the processor has 'sent' the money to you as shown on the PAYMENT tab as 'a Payout of $XXX was sent on Feb 12 (for example)

(NOT pending, NOT processing and NOT the actual date of the purchase (transaction date)).