Didn't Meet Selling Threshold but received a 1099K

[umoraski]

Upon checking to see if my 1099K had arrived a couple of weeks ago for 2024,  I got the message that I didn't sell enough to get one.   So I filed my taxes - I did claim everything $4500 for 2024  with the deductions allowed.  And now I just got a message from Ebay that my 1099K had arrived.  I don't understand.   And now is the IRS going to charge me or give me a penalty for not paying a Business Tax? and not including the 1099K  that Ebay originally said I didn't get?  Last year I was charged a Business Tax when I made more money and did get a 1099K.

[slippinjimmy]

You are in New Jersey, the threshold in your State is $1000 for tax year 2024.

[umoraski]

 My problem is that originally when I tried to download my 1099K, I got the message I didn't meet the threshold.  So I filed my taxes.  just today I got a message that my 1099K  was done.  you are right - it is $1000 for NJ(i just checked).   I did claim all my sales on my Fed and State tax forms - so what should I do about the 1099K form?

[monica-sells · Accepted solution]

The 1099K is an informational form. If you already filed and your numbers align, there is nothing you need to do. You should be OK since the form is not filed with the returns.

BTW, you should know that any entity has until January 31 to issue these informational forms. It is not prudent to file ahead of that particular deadline if you do anything other than a standard W-2 for income.

(i.e. interest bearing checking, stocks, bonds, rewards, etc....)

I am not aware of a business tax that is contingent on a 1099K

[slippinjimmy]

---

@umoraski wrote:

 My problem is that originally when I tried to download my 1099K, I got the message I didn't meet the threshold.  So I filed my taxes.  just today I got a message that my 1099K  was done.  you are right - it is $1000 for NJ(i just checked).   I did claim all my sales on my Fed and State tax forms - so what should I do about the 1099K form?

---

Just put it with the copy of your 1040 you kept for your records, the IRS doesn't need it (they have it already).

[wastingtime101]

eBay had a very misleading message posted on that page. I tried to get them to fix it last year and failed. I tried again this year to get them to fix it and I was successful, but their fix didn't happen until the 22nd.

See old/new screenshots here: https://community.ebay.com/t5/Payments/1099k/td-p/34868353

[genv]

I just wanted to say how I'm impressed by the kind helpful responses to the OP. 😊

[umoraski]

Thanks so much for that information.  I didn't realize I should wait until the end of the month.  But I did check with Ebay to see my tax form 1099K for 2024, and it stated that I didn't meet the threshold, so I thought I was in the clear(just found out the threshold for NJ is $1,000), However I guess they revised it and was notified that my 1099K was available on 2/01. I was in a rush to file my Income Tax , due to a Federal Grant Application I wanted to send in ASAP.  I am glad that I did include all my sales and authorized deductions according to the IRS rules.  So Glad you made me feel better.  Great Boards to get information from fellow sellers!

[umoraski]

I am the OP and I thought she was great - and made me feel better.  I tried to find out more on-line, but couldn't get an answer.  I usually get great information on the community boards.

[fr.lot2012]

its ridiculous, many sell books, magazines and other insignificant crap and now are getting 1099s and the prospect of spending much of what was made for an accountant..