comparing gross amount on 1099 k to financial overview orders amt.

[eklc42ll]

Amt. on my 1099K does not match my financial overview orders amt.

Amt is off by $71.40.  How can I find what this amount is from?

[albertabrightalberta]

The 1099 shows all payments you received. If you issued a refund, it'll still show on your 1099 as coming in. 

[monica-sells]

just curious...

set you time frame to 'custom" (01/01/22 to 12/31/22)

does it match your figure on this report?

https://www.ebay.com/sh/fin/reportslanding

[eklc42ll]

Yes, that is what I used and it does not match.  

[eklc42ll]

Hi.  Yes I did print from Jan 1, 2022 thru December 31, 2022.

Financial overview amt. for orders is $71.40 MORE THAN the Gross amt. on my 1099-K.

Why is that?

Thanks!

[eklc42ll]

Yes, I know that the gross amount is everything and you have to deduct refunds, shipping, etc. from that figure.  But.... why is my financial overview - orders line $71.40 MORE than my Gross.   Shouldn't my Orders that I sold match my gross before everything comes off?

Thanks.

[monica-sells]

sorry....i got nothing

what does this page say for details? maybe it can help

https://www.ebay.com/sh/fin/taxdetails

[dbfolks166mt]

     It has to do with the money flow. The financial overview report shows the sales that occurred between the specified dates but does not reflect when the money actually moved. I would suspect that the funds for one or more of your late sales in December do not actually show on the 1099 gross since the money may not have actually transferred prior to the start of the new calendar year. 

     The financial overview report is more reflective of accrual type accounting while the 1099 is more reflective of cash accounting. The accounting method YOU use is one of the things you have to specify when you are filling out your schedule C, if you utilize that form for your taxes. 

[eklc42ll · Accepted solution]

NOW I understand why they can differ.  This actually makes perfect sense to me.  You absolutely rock!

I appreciate you taking the time to answer my question.  Have a wonderful week!

[eklc42ll]

Thank you!