2020 1099 forms available???

[macsatwsu]

Are new tax forms available? When I am in my seller hub report says I didn't sell enough for a 1099. I am way over $20,000 so not sure why. I get that message.

 Thanks!

[jack_bucks_ghost]

i received mine a week or so ago (from eBay and PayPal).

[nobody*s_perfect]

You'd get a 1099-K from eBay only if you passed both thresholds ($20K and 200  transactions) after you switched to MP.

[grasscarp]

Sales prior to joining Managed Payments count towards Paypal's 1099 since you got your money from PayPal. Sales after joining Managed Payments count towards eBay's 1099 since you now get your money from eBay. Maybe you met the threshold with PayPal, but not eBay.

This is the way it affected me.  I went on Managed Payments on Aug 7, 2020. Now I have a 1099 from PayPal because I hit the requirements for a 1099 during Jan 1, 2020 thru Aug 6, 2020. However, I DO NOT have a  1099 from eBay since I did not meet the requirements after I went on Managed Payments (from Aug 7-Dec 31, 2020). I now must add up all sales for my annual total.

I may be wrong but this the only way I can come up with the correct numbers for 2020 in my case.

Good Luck!!

[jack_bucks_ghost]

as I learned after  i was surprised to receive one eBay, my state (Illinois) has some of the lowest requirements for reporting eBay income--people on the forum actually enlightened to that. i didn't join MP until early November. 

[macsatwsu]

Thanks!

[macsatwsu]

Aha- makes sense. Thanks!

[mam98031]

Just remember that just because you don't receive a 1099K does NOT mean you don't need to claim the income.

[grasscarp]

Thanks for the comment. I did not know that a few states have lower requirements for receiving a 1099!!

So I went to eBay's "Help" and found the following. Maybe this will help others. 

If you’re a managed payments seller, you may receive a Form 1099-K from eBay, depending on the totals of your sales and transactions. This is to help you comply with your tax obligations.

Form 1099-K is an IRS information return that includes the gross amount of all payment transactions you received within a calendar year. The purpose of the form is to help improve voluntary tax compliance. We'll provide you with Form 1099-K by January 31st each year if you're a managed payments seller who has received payments above the minimum IRS reporting thresholds in the previous calendar year:

• You received more than $20,000 in gross payments, and
• You had more than 200 payment transactions

Some states have minimum reporting thresholds lower than those outlined above. We'll provide managed payments sellers in the following states with Form 1099-K by January 31st each year if you have received payments above the following thresholds in the previous calendar year:

• Arkansas - $2,500 in gross payments with no threshold on the number of transactions
• District of Columbia - $600 in gross payments with no threshold on the number of transactions
• Illinois - $1,000 in gross payments and a minimum of 4 transactions
• Maryland - $600 in gross payments with no threshold on the number of transactions
• Massachusetts - $600 in gross payments with no threshold on the number of transactions
• Mississippi - $600 in gross payments with no threshold on the number of transactions
• New Jersey - $1,000 in gross payments with no threshold on the number of transactions
• Virginia - $600 in gross payments with no threshold on the number of transactions
• Vermont - $600 in gross payments with no threshold on the number of transactions

You can download Form 1099-K in Seller Hub and My eBay. It will show payments received since you became a managed payments seller, and includes the gross amount and number of payment transactions, your name, address, and Tax ID. This information will also be reported to the IRS and the correct state tax authority, where applicable.

[nobody*s_perfect]

Thanks for the heads-up.   I have been answering questions about this with a link to a PayPal FAQ which apparently needs to be updated since it names only 5 of those states. Now I can link to the updated list.

https://www.ebay.com/help/selling/fees-credits-invoices/ebay-form-1099k?id=4794