mam98031 • Volunteer Community Member • Buyer/Seller since 1999
Did you sell over $20,000 worth of stuff through Managed Payments in 2021? Were you in MP all year or was part of the year in Paypal?
Your expectations that ANY company would have this info ready within ONE MINUTE of the new year starting is a clear indication that you may not understand how this information is gathered or accounted for. You are going to always be disappointed unless you relax those expectations to a much more realistic timeframe.
1099K's are suppose to be released by January 31st by law. So IF Ebay actually owes you one there is certainly a problem and you would need to contact Ebay.
@dbfolks166mt wrote:Did you sell over $20,000 worth of stuff through Managed Payments in 2021? Were you in MP all year or was part of the year in Paypal?
People need to quit posting the $20K....... Federal reporting threshold as the canned answer to questions like this. The $20K is the Federal reporting threshold for 1099 issuance, at least until 2022. However, there are a number of states that have had lower reporting thresholds for 1099 reporting requirements for years.
While I have never come close to the Federal reporting thresholds I do live in a state that has had a $600 reporting threshold for 1099 issuance in place since 2020.
That doesn't make the questions I ask unimportant. So to dismiss them is wrong. I typically try to remember to look at some of the other posters listings to see what state they are selling from. If they are in a state that has a 1099K requirement, I try to inform them of that. You are trying to apply something that affects some sellers to all sellers and it simply doesn't apply.
@dbfolks166mt wrote:Fully aware that the seller is in Michigan and they do not yet have a lower state reporting threshold. That should have been included in your response. Other posters may read this and assume it is universal which it is not. You could have responded to the post by stating that since the OP is in Michigan unless they have exceeded the Federal reporting threshold of $20K they should not receive a 1099.
There is already a LOT of confusion along with a lot of technical issues with regards to the 1099's.
So when responding to an OP, you would like to see our responses cover all or most sellers and the differences that may apply whether or not it affects the OP???? That would certainly complicate things.
There is nothing wrong with what I posted to the poster I posted it to. I get it you don't like it and I respect your opinion. However that still does not make it incorrect or wrong. It was on target with the poster I was addressing.
@reumne-0 wrote:Ok, I got it... $20,000 threshold for 1099's in Michigan... but why?
To Uncle Sam it matters not if it's $20,000 or $2... why isn't eBay just processing these for all their sellers so it's easy for us to file our taxes?
I tried last night to generate totals for sales, shipping and other things and it was pretty much just a real fine mess... It's not like this isn't easy for eBay, in-fact it's automated!
Can I request a 1099K? Because unlike a lot of people, I don't mess around with trying to hide income... It would make my life so much easier to have these year end numbers... fee's, shipping, gross and net totals... eBay should have a vested interest in making my taxes as easy and accurate as possible! Right?
Not exactly. For 2021 the IRS threshold on 1099Ks is $20,000 unless your state has a law for a lower value, which I noted in post #10.
Because Ebay does NOT set the IRS rules nor do they have the authority to change them. But next year you get your wish as IRS is lowering the threshold to $600.
You need to keep in mind that when you go to reconcile your 1099K it is for Gross Receipts. That is the total amount of money that came into your MP account BEFORE any refunds or deductions for anything.
Another tidbit to be aware of is that the 1099K is calculated on the sales transactions within the Payout Date. It only includes the sales in which you had a Payout that was issued by Ebay in 2021.
So for example, if you do Weekly Deposits, the last one in 2021 was on December 28th. So a few sales for the end of the month not covered in that Payout will appear on your 1099K in 2022.
No you can't request a 1099K, however you can go to the Seller Hub, hover over the Payment tab, from the dropdown menu select reports. Download a transaction report for all of 2021 and you will be able to capture all your sales on Ebay for last year.
