(Topic ID: 290092)

PayPal to start 1099 for everyone over $600

By Dr-Willy

3 years ago


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  • 22 posts
  • 16 Pinsiders participating
  • Latest reply 2 years ago by barakandl
  • Topic is favorited by 3 Pinsiders

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    #14 3 years ago
    Quoted from Dr-Willy:

    Yes that is what this changing currently is that it’s now all states as of the passing of the stimulus

    Don’t start to panic yet. It would not actually take effect until 2022 (2023 return year) and, as far as I have heard, the portion of the bill that directly pertains to taxes is “still being negotiated and could be amended.” Whatever the hell that means.

    Also, people should have been doing their part to keep track of net and gross online sales, keeping receipts and using spreadsheets to keep it organized. Otherwise, you will end up paying the max amount and in my opinion, you get what you deserve. 1099s are not a new thing, it’s just that it could actually be enforced by these large online marketplaces now.

    If you were doing what you should have been for the last 20 years anyway, you got nothing to worry about.

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