Njsurveyman Posted December 20, 2022 Report Share Posted December 20, 2022 If you went over $600 in total Paypal income, you will now receive a 1099 from Paypal requiring you to report it on your taxes (Thanks to Biden). Therefore, I figured I'd let you all know how to check for yourself, so you know if that 1099 is on its way. First, sign into Paypal and click on the Settings Icon above your name, which should show you the taxes/finances tab on the far right across the top. Then you should see two choices: "Tax Documents" (which may be available after Jan 30) and "All Transactions". Click on All Transactions. Then click in "Custom Statement" which should be bold print. Then Click on "Statements" on the left side drop down menu and click on Custom. Then in the center of the page, change the "Date Range" to indicate 2022 Year To Date. Click on "Create Report", and after about 60 seconds refresh the page and it will allow you to Download your earnings report showing total Received so far this year. Yes, I don't know why they make it so complicated to locate, but this is how you find your total earnings before you get a surprise 1099 in the mail. Please keep in mind this is NOT tax advice and technically you are supposed to report all income, even if it is under $600. However, the IRS only receives your income report if you received $600 or over for the year total from all sources. 2 Link to comment Share on other sites More sharing options...
cricket Posted December 28, 2022 Report Share Posted December 28, 2022 This is not about Biden. I've been doing surveys for 13 years, way before Biden and we were always instructed to declare earnings over $600. Not OK to bring politics into this nice group by blaming Biden who has nothing to do with that law. 1 Link to comment Share on other sites More sharing options...
episemion Posted December 29, 2022 Report Share Posted December 29, 2022 15 hours ago, cricket said: This is not about Biden. I've been doing surveys for 13 years, way before Biden and we were always instructed to declare earnings over $600. Not OK to bring politics into this nice group by blaming Biden who has nothing to do with that law. True , that law has been in effect for a long time regarding making $600 or more at a site or even in a lottery win. The new law that the OP refers to was recently enacted (and I hear is being reconsidered) and covers financial accounts such as bank accounts and places such as Paypal. Do a search on "Biden $600" for more info. Link to comment Share on other sites More sharing options...
Lab6689 Posted December 31, 2022 Report Share Posted December 31, 2022 I think the issue is its now combined total of 600 not 600 per site. Before the only company that i knew of that did combined was i think my survey and global test market they were sister companies and if combined you hit 600 you got the 1099. Now the way it will be (it's been delayed) if you for example you redeemed 100 paypal from mypoints, turned in cc points for another 400 paypal and sold on ebay for 200 and got paid by paypal since the sum total was 700 you get the 1099. what I don't know is if they also lump redeeming for gift cards in that 600 or not and if there is a difference between store gift cards vs a visa or mastercard prepaid card 1 Link to comment Share on other sites More sharing options...
episemion Posted December 31, 2022 Report Share Posted December 31, 2022 48 minutes ago, Lab6689 said: I think the issue is its now combined total of 600 not 600 per site. Before the only company that i knew of that did combined was i think my survey and global test market they were sister companies and if combined you hit 600 you got the 1099. Now the way it will be (it's been delayed) if you for example you redeemed 100 paypal from mypoints, turned in cc points for another 400 paypal and sold on ebay for 200 and got paid by paypal since the sum total was 700 you get the 1099. what I don't know is if they also lump redeeming for gift cards in that 600 or not and if there is a difference between store gift cards vs a visa or mastercard prepaid card The details regarding the law were not exactly the best written. I have a feeling that it wasn't really thought out and that they have received many complaints. 1 Link to comment Share on other sites More sharing options...
Njsurveyman Posted December 31, 2022 Author Report Share Posted December 31, 2022 On 12/28/2022 at 4:37 PM, cricket said: This is not about Biden. I've been doing surveys for 13 years, way before Biden and we were always instructed to declare earnings over $600. Not OK to bring politics into this nice group by blaming Biden who has nothing to do with that law. It absolutely was ALL BIDEN! Previously Paypal and Venmo were NOT required to inform the IRS on COMBINED payments received unless the amount was over $20,000. Under sleepy Joe's American Rescue Act (more like a destruction act), Paypal and Venmo must report COMBINED income across ALL sites that amounted to $600+ for the year 2022 for the FIRST TIME EVER, which would certainly create a bigger burden on us tax payers. However, according to the IRS website, this NEW LAW, has been delayed until this coming year, 2023. These are all FACTS! I'll be happy to post the link directly from the IRS website to prove it. 1 Link to comment Share on other sites More sharing options...
Njsurveyman Posted December 31, 2022 Author Report Share Posted December 31, 2022 5 hours ago, episemion said: The details regarding the law were not exactly the best written. I have a feeling that it wasn't really thought out and that they have received many complaints. This you are correct on. The details were not very clear (especially regarding which types of payments received would be considered taxable) and the fact many people were not aware of this or prepared. I feel the biggest issue would be 3rd party payment apps such as Paypal would also have the burden to determine which payments were income vs payments that were simply reinbursements to family and friends. Furthermore, determining income received by sportsbetting sites vs losses/deposits can get very tricky. Especially if a casino double taxes you by also sending the IRS a 1099 for the SAME thing Paypal does. It surely was not thought out or transparent. 2 Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now