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I literally jst went through this! The 1099k threshold used to be $20,000 AND 200 transactions, now its just $600. This is causing SOOO much confusion for regular people who aren't businesses. If these were just personal transfers (not goods/services), then its not income. You don't need to report money that's not income. Like if your roommate venmos you for half the rent... that's not income!!
Actually the threshold is supposed to be $5,000 for 2023 tax year. They delayed the $600 threshold again. But some payment processors might still be sending them at $600 because the law keeps changing.
Make sure you look at whether the payments were sent as "Friends & Family" or "Goods & Services" in PayPal. Only the Goods & Services ones would potentially be taxable income. If your roommates sent money as Friends & Family for utilities, that wouldn't trigger a 1099-K normally. Something seems off if you only had a few small sales.
Lola Perez
ā¢I just went and checked all my transactions, and you're right - most were sent as Friends & Family! But there were like 6-7 transactions that people sent as Goods & Services even though they were just paying me back for stuff (I guess they didn't know the difference). So maybe that's why I got the 1099-K? Seems like I'm going to have to figure out how to explain this on my taxes since PayPal is reporting it all as business income. Ugh, what a headache over $200!
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Don't forget about state taxes too! Everyone's talking about federal filing requirements, but many states have lower thresholds for filing than the federal government. Some states require you to file if you have ANY income, even if it's below the federal filing threshold. Also, if you're selling online, you might have to deal with sales tax depending on your state and what platforms you're using. Some marketplace sites handle this for you (like eBay and Etsy in most cases), but if you're selling through your own website or locally, you might need to collect and remit sales tax yourself.
Omar Fawaz
ā¢What about if I'm just selling through platforms like eBay or Mercari? Do I need to worry about sales tax stuff or do they handle all that? And do different states have different rules for when I need to start filing taxes?
For platforms like eBay and Mercari, they generally handle the sales tax collection and remittance for you in most states. This is because of marketplace facilitator laws that make the platform, not the individual seller, responsible for sales tax. So you don't need to worry about collecting or remitting sales tax when selling through those platforms. Yes, different states definitely have different filing thresholds. For example, states like California require filing if your income is over $19,310 (single filer), while other states like New Hampshire don't have income tax at all. Some states like Virginia require you to file if your gross income exceeds $11,950. It really depends on where you live, so you'll want to check your specific state's department of revenue website.
Quick heads up - even if u don't make enough to owe taxes, these selling platforms (eBay, etsy, etc) will send you a 1099-K form if u make over $600 in a year starting in 2025. They also report this to the IRS. You'll still need to file taxes to show whether that money was actually taxable profit or just selling personal stuff at a loss. I learned this the hard way last year when I sold a bunch of my old clothes and electronics and got a surprise tax form in the mail lol. Had to file even tho I didn't owe anything just to explain it was all personal items sold for less than I paid.
Aisha Khan
ā¢The $600 threshold is causing so much confusion. I sell vintage items I find at garage sales as a hobby and now I'm getting 1099s for the first time. But shouldn't I only be taxed on the profit, not the total sales? Like if I buy something for $10 and sell it for $50, I'm only taxed on the $40 profit, right?
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I'm a little late to this thread, but I wanted to add something important - there's a statute of limitations on requesting penalty abatement. You generally need to do it within 2-3 years of the penalty assessment. So definitely don't wait around if you're considering challenging this. Also, make sure you're working with the correct IRS department. Partnership penalties should be addressed to the "Pass-Through Entity" division, not just the general IRS address. This can speed up processing significantly.
Thanks for this info! Do you know if there's a specific form I should use for the abatement request? I've seen some mentions of Form 843 but I'm not sure if that's the right one for partnership penalties.
Yes, Form 843 "Claim for Refund and Request for Abatement" is the correct form for requesting abatement of partnership penalties. Be sure to fill out sections 1, 2, 3a, and 5 completely. In section 5, you'll want to clearly explain your reasonable cause or first-time abatement qualification. Attach any supporting documentation that backs up your explanation. This might include communications with your tax preparer showing they led you to believe they had filed an extension, or any other evidence that shows you acted in good faith. Send it certified mail so you have proof of submission.
Justin Chang
Has anyone had success getting these penalties reduced rather than fully abated? I'm in basically the same situation but I missed the deadline by only 2 months. I've heard the IRS sometimes will reduce rather than eliminate if they don't accept your full abatement request.
Grace Thomas
ā¢Yes! We had a $3,600 partnership penalty reduced to $1,200. Our situation was that we had filed 3 months late because our accountant had health issues. The IRS didn't fully accept our reasonable cause argument but did reduce it by 2/3. Make sure to ask specifically about partial abatement if they push back on a full waiver.
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Anyone using TaxAct instead of TurboTax? I've heard it has better options for investor types but not sure if it handles the trader tax status stuff well.
QuantumQueen
ā¢I switched from TurboTax to TaxAct last year and regretted it. The interface is clunky and it actually missed some deductions related to my trading. I ended up going back to TurboTax and finding the stuff it missed. Neither is great for serious traders tbh.
Aisha Rahman
Don't forget to look into estimated tax payments if you're going to do more trading! I learned this the hard way last year when I got hit with penalties because I wasn't making quarterly payments on my trading income. Regular W2 withholding wasn't enough to cover it all.
Asher Levin
Just want to add a small warning - I did this exact thing (reported full amount in year received, then did an offsetting deduction the following year when 1099 came), but the company also sent a CORRECTED 1099 for the previous year, which created a huge mess since now the numbers didn't match EITHER year correctly. Make sure the company isn't also planning to send a corrected 1099 for 2024!
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Bruno Simmons
ā¢Thanks for the warning! I hadn't even considered that possibility. I'll check with them to confirm they're not planning to send a corrected 1099 for 2024. Would definitely complicate things if they did.
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Asher Levin
ā¢Glad I could help! It's worth a quick email to their accounting department. In my case, they had sent the corrected 1099 without telling me, and it didn't arrive until after I'd already filed. So I had to amend my return, which was a whole ordeal. Better to know their plans upfront.
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Serene Snow
Has anyone used TurboTax to handle this situation? Is there a specific place where you can enter this kind of adjustment or do you have to use the desktop version?
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Issac Nightingale
ā¢I did this in TurboTax last year. When you're filling out the Schedule C section, there's a part for "Other Expenses" where you can add a custom category. I labeled mine "Income previously reported on 2023 tax return" and entered the amount. The TurboTax interview doesn't specifically ask about this situation, so you have to know to add it yourself.
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