Jump to Last Post 1-4 of 4 discussions (7 posts)
  1. Whitney05 profile image87
    Whitney05posted 8 years ago

    Since HP is not liable for 1099-MISC forms and PayPal will be liable for 1099-K forms. How do we get this?

    Paypal says that they only report to the IRS if you've received over $20,000 and 200 payments... I'm stumped, it doesn't sound right that I don't have to file my earnings.

    1. livewithrichard profile image82
      livewithrichardposted 8 years agoin reply to this

      They're not saying you don't have to file your earnings.  They are saying that you have to reach a certain threshold before they provide you any supporting tax documents.  You have to go to your Paypal account/History/Reports and if you received payments that reach the threshold then you can download the supporting tax documents.  If you did not reach the threshold then you need to download the 'Anual Financial Summary'  where you will find documentation of all the payments you received as well as the fees you paid and, if you have it, their debit card transactions.

      It is up to you to decipher what payments came from where but generally you can use the accumulated payments received as your earnings that you need to report.  It gets a bit tricky if you are an eBay seller, or receive payments from multiple accounts and merchants because you need to calculate your total sales, debits, fees, and losses.

  2. LindaSmith1 profile image60
    LindaSmith1posted 8 years ago

    I don't know why HP does not have to send forms out.  Anyway, you have to earn 600 bucks or more before you have to claim income from these sites.

  3. Whitney05 profile image87
    Whitney05posted 8 years ago

    Thanks! I made over $14,000, so I didn't think it was right not filing for it. I printed my received payments from 2012, but how is that reported on taxes if there isn't an official form?

    1. Simone Smith profile image93
      Simone Smithposted 8 years agoin reply to this

      I reported it under the profits / sales section of the "self employment" section of my TurboTax wizard... because I worked through their interface, I don't remember what the real corresponding form is, but I do know there is definitely a place to declare earnings, and one is taxed the same way on those earnings as one would be if they were declared in a 1099.

    2. galleryofgrace profile image71
      galleryofgraceposted 8 years agoin reply to this

      You are self employed. Add Schedule C and Schedule SE to your 1040. This is usually done automatically in tax software. Just answer the questions.

  4. Whitney05 profile image87
    Whitney05posted 8 years ago

    Thanks. I found that spot "Wages and Income" I added it as a self-owned business. I entered in my home bills, business bills, and income earned. My federal refund increased... I'm not thinking I did that right. Usually, I see a drastic decrease with my 1099


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